Baku, Azerbaijan, May 31
By Anvar Mammadov – Trend:
Azerbaijan’s life insurance market totaled almost 69.09 million manats in January-April 2017 that is by 39 percent more than in the same period of 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.
Share of these companies in total premiums collected by insurance companies in Azerbaijan was almost 35.6 percent in the period.
In January-April 2017, payment of claims by these companies on all types of life insurance amounted to 38.64 million manats or 51.3 percent of all payments in the market (an increase by almost 50 percent in a year).
(1.702 manats = $1 on May 31)
|
Comparative table of premiums and payments on life insurance market, January-April 2017 |
||||
|
Types of life insurance |
Premiums (in manats) |
Share (%) |
Payment of claims (in manats) |
Share (%) |
|
Life insurance |
69,085,037.22 |
100 |
38,643,830.1 |
100 |
|
Including: |
||||
|
Death insurance |
7,075,616.08 |
10.24 |
941,016.24 |
2.44 |
|
Endowment insurance |
46,938,428.01 |
67.94 |
36,680,167.54 |
94.92 |
|
Disability insurance |
292,690.8 |
0.42 |
- |
- |
|
Insurance against incurable diseases |
36,271.37 |
0.05 |
5,000 |
0.01 |
|
Compulsory insurance on labor ability loss |
14,742,030.96 |
21.34 |
1,017,646.32 |
2.63 |