Baku, Azerbaijan, Feb. 27
By Azad Hasanli – Trend:
Azerbaijan’s life insurance market grew by 25.8 percent standing at 146.5 million manats in 2016, the Financial Market Supervisory Authority (FIMSA) said in a report.
Three companies – PASHA Life, Ateshgah Life and Qala Life – have licenses for rendering life insurance services in Azerbaijan.
Specific weight of these companies’ premiums in total premiums collected by insurance companies in Azerbaijan was 30.2 percent in 2016.
During the year, payment of claims by these companies on all types of life insurance amounted to almost 95 million manats or 40 percent of all payments in the market (an increase by 82 percent).
Life insurance market has been operating in Azerbaijan since 2011.
(1.7475 manats = $1 on Feb. 27)