Life insurance market grows by half in Azerbaijan
Baku, Azerbaijan, March 26
By Abbas Akhundov - Trend:
Three companies that have the right to engage in life insurance in Azerbaijan - Pasha Hayat, Ateshgah Hayat and Qala Hayat, collected 22.77 million manat in January-February, 2014 for all types of life insurance, which exceeds the figure for the same period last year by 53.75 per cent, the Azerbaijani Ministry of Finance report on the activities of the insurance companies in January-February, 2014 said.
The share of premiums on life insurance in the total volume of fees of the companies grew from 18.8 to 24.85 percent in a year, according to the report.
Payments were also increased: reimbursement payment amounted to .379 million manat in January-February 2014 which exceeds the same period last year by 4.93 times. The specific weight of these payments in total payments of the insurance market increased from 1.73 to 7.25 percent in a year.
Some 5.41 million manat were collected on the compulsory insurance against disability resulting from occupational diseases and accidents at work in January-February 2014, which exceeds the same period last year by 23 percent.
Fees on voluntary life insurance grew by 66.76 percent and reached 17.36 million manat in a year. The most part of the fees in the segment of voluntary life-insurance accounted for endowment insurance (15.33 million manat), the remaining part was provided by life insurance in case of death (2.02 million manat) and insurance against incurable diseases (11.260 manat).
Payments for voluntary life insurance amounted to 1.01 million manat in January-February, on compulsory insurance - 0.37 million manat.
The total volume of premiums of all companies operating in the country was 91.62 million manat in January-February, 2014 (16.33 percent growth for a year ) and payments for the reporting period were made up to 19.02 million manat (17.29 percent growth).
The Ministry of Finance report has not shown the results from the only reinsurance company AzRE. Some 28 companies operated in the country during the reported period.
Official exchange rate on March 26 is 0,7843 AZN / USD.
Translated by S.I.