Life insurance market grows 1.5 times in Azerbaijan
Baku, Azerbaijan, May 21
By Emin Aliyev - Trend:
Three companies that have the right to engage in life insurance in Azerbaijan - Pasha Hayat, Ateshgah Hayat and Qala Hayat, collected 40.82 million manat in January-April 2014 for all types of life insurance, which exceeds the figure for the same period of last year by 53 percent, according to the Azerbaijani Finance Ministry's report on the activity of the insurance companies in January-April 2014.
The share of premiums on life insurance in the total volume of fees of the companies hit 27.31 percent, according to the report.
Payments also increased: reimbursement payment amounted to 2.39 million manat in January-April 2014 or by 73.19 percent more than in the same period of 2013. The specific weight of these payments in total payments of the insurance market hit 5.4 percent.
Some 13.08 million manat were collected on the compulsory insurance against disability resulting from occupational diseases and accidents at work in January-April 2014, which exceeds the same period of last year by 4.98 percent.
Fees on voluntary life insurance grew by 95.08 percent and reached 27.74 million manat in a year. Most of the fees in voluntary life-insurance accounted for endowment insurance (12.75 million manat), the remaining part was provided by life insurance in case of death (1.46 million manat) and insurance against incurable diseases (8,650 manat).
Payments for voluntary life insurance amounted to 1.68 million manat in January-April, on compulsory insurance - 0.82 million manat.
The total volume of premiums of all companies operating in the country was 149.48 million manat in January-April 2014 (7.76 percent growth per year) and payments for the reporting period were made up to 44.22 million manat (15.73 percent growth).
The Ministry of Finance report has not shown the results from the only reinsurance company AzRE.
The official exchange rate is 0.7844 AZN/USD on May 21.
edited by CN