Azerbaijani life insurance market increases by more than 60 percent

Azerbaijan, Baku, Dec. 4 /Trend A.Akhundov/

Three companies eligible for life insurance in Azerbaijan - Pasha Heyat, Ateshgah and Qala Heyat have collected 32.79 million manat on all types of life insurance in January-October, 2012, which exceeds the indicators for the same period last year by 60.81 percent.

This was noted in the report of Azerbaijani Ministry of Finance on the activity of insurance companies in January-October of 2012, published on Tuesday.

However, the share of life insurance premiums in the general volume of company fees has slightly increased from 11.38 to 11.62 per cent within a year.

Compensation amounting to 3.94 million manat has been paid in January-October of 2012, which is 10.84 times more than the figures for the same period last year.

Some 20.46 million manat was collected on the mandatory insurance of disability resulting from professional diseases and accidents at work within the first ten months of 2012. These figures exceed the indicators for the same period of last year by 16.85 per cent.

The fees on voluntary life insurance have increased by 4.28 times within a year to reach 12.33 million manats. Most of the fees in the life insurance field fall to the share of insurance on survival (9.82 million manat), the rest of the fees are covered by life insurance in the case of death (2.43 million manats) and insurance from incurable deceases (85.77 thousand manats). The fees on voluntary types of life insurance in January - October were paid to the sum of 2.89 million manats and on legally required insurance- 1.05 million manats.

The total volume of premiums of all companies acting in the country amounted to 282.14 million manats according to the totals of first nine months of 2012, an increase of 57.53 per cent within a year, whilst the fees during the same period amounted to 75.46 million manats, an increase by 55.49 per cent.

The report of the Ministry of Finance didn't mention the activity totals of the only reinsurance company in the country, AzRE.

Official exchange rate in Oct 19 is 0.7845 AZN/USD.

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