Fees for voluntary insurance in Azerbaijan increase by 2.5 times

Azerbaijan, Baku, Feb. 15 / Trend, A. Akhundov /

The three companies with the right to provide life insurance in Azerbaijan, Pasha Heyat, Ateshgah Heyat and Qala Heyat, collected nearly $8 million for all types of life-insurance in January 2013, or 2.41 times more than the same period of last year.

This is stated in the report of the Ministry of Finance of Azerbaijan on the activities of insurance companies in January 2013, published on Friday.
The share of life insurance premiums in the total fees collected by the companies increased during the year from 8.89 to 14.7 percent.

Claims for these types have also increased: compensation in the amount of 130,000 manat was paid in January, which is 2.6 times more than in the same period last year. The share of these payments in the total payout of the insurance market increased during the year from 1.13 to 1.85 percent.

During the first month of 2013, companies collected 897.55 Manat on compulsory disability insurance resulting from occupational diseases and accidents at work. This figure is by 1.72 times higher than during the same period of last year.

Fees for voluntary life insurance rose to 2.54 times and reached 7.03 million Manat. Most of the fees in the segment of voluntary life-insurance accounted for endowment insurance (6.73 million manat), the rest was provided by life insurance in case of death (0.3 million manat) and insurance from an incurable disease (5.93 thousand manat).

Payments on voluntary life insurance in January were made in the amount of about 75 thousand Manat, mandatory insurance - about 55 thousand Manat.

In January 2013, total premiums of all companies operating in the country was up 53.92 million Manat (a 45.72 percent annual growth), and claims paid during the reporting period amounted to seven million manat (a 59 percent increase).'

Only reinsurance company AzRe statistical indices are not indicated in the report.
The official exchange rate for Feb.15 is 0.7847 AZN / USD.

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