Life insurance fees decline by almost 40% in Azerbaijan
Baku, Azerbaijan, Feb. 23
By Azad Hasanli - Trend:
Three companies that have the right to engage in life insurance in Azerbaijan - Pasha Heyat, Ateshgah Heyat and Qala Heyat, collected 8.2 million manats (AZN) on all types of life-insurance in January 2015, which is approximately 38.2 percent less compared to the same period last year, the head of Azerbaijan Insurers Association (AIA) Orhan Bayramov said Feb.23 at a press conference on the results of last month.
The official exchange rate for February 23 is 1.05 AZN / USD.
He said that the share of life insurance premiums in total volume of fees of insurance companies operating in the country amounted to 13 percent.
Approximately 50 percent (4.1 million manats) of the total volume of premiums collected on the life insurance market fell on insurance on survival. Charges for insurance against accidents at work amounted to 30.5 percent (2.5 million manats) of the total volume of premiums, life insurance in case of death amounted to 19.5 percent (1.6 million manats). The remainder was provided at the expense of life insurance from incurable diseases (12,600 manats).
In January 2015, payments on all types of life insurance have been made in the amount of 650,000 manats or 6.3 percent of the total amount of all payments on the market. This amount decreased by 31.9 percent compared to the same period of 2014.
Some 39.5 percent, or 257,000 manats of the total volume of payments accounted for compensation on insurance on survival. Payments on life insurance from accidents at work amounted to 23.4 percent (152,000 manats), life insurance in case of death - 37.1 percent (241,000 manats).
In addition, during the reporting period, 8 manats were paid for every 100 manats of fees, in January 2014, this figure was 7.2 manats for every 100 manats.
The life-insurance market in the country dates back to 2011.
Edited by CN
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