Azerbaijan’s life insurance market increases to almost 70 per cent
Azerbaijan, Baku, Oct. 17 /Trend A.Akhundov/
In January-September 2013 three companies, possessing the right to be engaged in life insurance in Azerbaijan, namely Pasa Heyat, Atesgah Heyat and Qala Heyat, collected 51.31 million manats for all types of life-insurance, which exceeds the figures for the same period of the last year by 68,17 per cent, Azerbaijani Finance Ministry's report on activities of insurance companies in January-September 2013 said.
According to the report, the life insurance premiums in the share of companies' total collections grew from 11.9 to 16.91 per cent.
However, the payments for these types decreased: compensations worth 3.08 million manats were paid in January-September 2013, which is almost 20 per cent lower than the same period of 2012. Over the year the specific weight of these payments in the insurance market's total payouts decreased from 6.22 to 3.43 per cent.
In the first nine months of 2013 insurance companies collected nearly 22 million manats on compulsory insurance against disability resulting from occupational diseases and accidents at work. This exceeds the figures for same period of the last year by 9.12 per cent.
Over the year voluntary life insurance collections increased by 2.83 times and amounted to 29.3 million manats. Voluntary life insurance payments worth 2.165 million manats were made in January-September, whereas payments worth 872,000 manats were made on compulsory insurance.
In January-September 2013, the total premiums of all companies operating in the country amounted to 303.38 million manats (an increase of 18.36 per cent), and payments made during the reporting period amounted to 88.53 million manats (an increase of 30.86 per cent).
Azerbaijani Finance Ministry's report does not include results for activity of AzRE, which is the only re-insurance company in the country.
Official exchange rate for Oct. 17 is 0.7843 AZN/USD.