Baku, Azerbaijan, Sept.16

By Azad Hasanli- Trend:

The three companies with the right to engage in life insurance in Azerbaijan - Pasha Hayat, Atashgah Hayat and Gala Hayat, collected 69.8 million AZN in January-August 2014 for all types of life-insurance, which exceeds the same period of last year by 56.5 percent (25.2 million AZN), says the report of Azerbaijan Insurers Association (AIA) on Aug. 14.

The share of life insurance awards in the total amount of fees of insurance companies existing in the country amounted to 24.6 percent.

Of the total amount, 51.7 percent or 36.1 million AZN fell to survivor life insurance.

Charges for insurance against accidents at work amounted to 22.4 million AZN (32.1 percent of total), life insurance in case of death - 11 million AZN (15.8 percent). The remainder was provided by a life insurance from incurable diseases (279,000 AZN).

In January - August 2014 for all types of life insurance payments have been made in the amount of 20.4 million AZN, which is approximately 7 times more than in the same period of last year. The share of these payments in total payments of the insurance market amounted to 19.7 percent.

Compensation insurance on survival amounted to 87.6 percent, or 17.8 million AZN out of total amount of payments for life insurance.

Life insurance on accidents at work amounted to 1.87 million AZN (9.15 percent of total payments), life insurance in case of death - 658,000 AZN (3.22 percent). Insurance payments from incurable diseases amounted to 12,500 AZN.

During the reporting period for each 100 AZN, fees for life insurance payments of 29.2 AZN were carried out, whereas in January - August 2013 the figure was 6.2 AZN.

Life-insurance market in the country runs its history from 2011.

The official exchange rate for Sept.16 is 0.7843 AZN / USD.