Life insurance payments increase by 1.6 times in Azerbaijan in 2012
Azerbaijan, Baku, Jan. 12 /Trend I.Khalilova/
Three companies eligible for life insurance in Azerbaijan - Pasha Heyat, Ateshgah Heyat and Qala Heyat have collected 36.81 million manat on all types of life insurance in 2012, which exceeds the indicators for 2011 by 1.64 times.
This was noted in the report of State Insurance Supervision Service under the Ministry of Finance published on its website.
However, the share of life insurance premiums in the general volume of company fees has slightly increased from 10.55 to 10.75 percent last year.
Compensations amounting to 4.224 million manat have been paid in 2012, which is 10.73 times more than in 2012
Some 21.72 million manat was collected on the mandatory insurance of disability resulting from professional diseases and accidents at work in 2012. These figures exceed the indicators for January-December 2011 by 14.9 per cent.
The fees on voluntary life insurance have increased by 4.13 times to reach 15.085 million manat. Most of the fees in the life insurance field fall to the share of insurance on survival (11.92 million manat), the rest of the fees are covered by life insurance in the case of death (3.078 million manat) and insurance from incurable deceases (87,395 thousand manat).
The fees on voluntary types of life insurance were paid to the sum of 3.045 million manats and on legally required insurance - 1.179 million manat.
The total volume of premiums of all companies acting in the country amounted to 342.52 million manat in 2012, increasing by 60.8 per cent, whilst the fees during the same period amounted to 93.86 million manat, an increase of 47.52 per cent.
The report of the Finance Ministry didn't mention the activity totals of the only reinsurance company in the country, AzRE.
Official exchange rate on Jan. 12 is 0,7848 AZN/USD.