Azerbaijan’s life-insurance market may grow 3-4 times in near future
Azerbaijan, Baku, 27 June / Trend, A. Akhundov /
In the next three years, the life insurance market of Azerbaijan may grow three to four times, the head of the risk management department of the Paşa Həyat Sığorta Company Parviz Guliyev said.
"In turn, the market for voluntary life-insurance may be doubled," Guliyev told Trend.
According to him, it will be possible thanks to the creation of new companies and the development of non-oil sector. Potential clients of life insurance companies are financial institutions (commercial banks, insurance and leasing companies), government agencies and other companies.
"Contribution to the development of life insurance in Azerbaijan is possible through the development of new profitable products for voluntary insurance, active work of insurance companies in the field of marketing, increasing public awareness about insurance products, creation of training centers for professionals in the insurance industry," Guliyev said.
According to him, today, Paşa Həyat Sığorta is the leader of the insurance market of Azerbaijan. Thus, as of June 1, the company's share on the entire insurance market of Azerbaijan amounted to 8.81 percent, while the other two life-companies, Atəşgah Həyat Sığorta and Qala Həyat Sığorta, accounted for 7.57 and 3.1 percent of all fees.
Paşa Həyat Sığorta's fees for the year rose by 83.46 percent and as of June reached 18.94 million manat, Atəşgah Həyat Sığorta's premiums - rose by 38.36 percent to 16.27 million manat, Qala Həyat Sığorta's premiums - by 58.71 percent to 6.67 million manat. At the same time, the market itself has increased by 60.18 percent to 41.88 million manat, while the share of life insurance among all types of insurance has reached 19.48 percent. Today, the share of life-insurance in the country's GDP totals 0.07 percent.
To date, the share capital of Paşa Həyat Sığorta amounts to $32.12 million, Qala Həyat Sığorta - $6.4 million and Atəşgah Həyat Sığorta - $5.1 million.