Baku, Azerbaijan, Sept. 12
By Anvar Mammadov – Trend:
Azerbaijan’s life insurance market totaled 117.89 million manats in January-July 2017, which is 26.6 percent more than in the same period of 2016, said a report of the Financial Market Supervisory Authority (FIMSA).
Three companies – PASHA Life, Ateshgah Life and Qala Life – have licenses for rendering life insurance services in Azerbaijan.
These companies’ share in total premiums collected by insurance companies in Azerbaijan exceeded 36.5 percent in the period.
In January-July 2017, these companies paid claims of 70.75 million manats on all types of life insurance (an increase by 63.5 percent in a year), which accounts for 49.1 percent of all payments in the market.
|
Premiums and paid claims in life insurance market, January-July 2017 |
||||
|
Life insurance |
Premiums (in manats) |
Share (%) |
Paid claims (in manats) |
Share (%) |
|
Death insurance |
15,830,845.62 |
13.43 |
1,462,921.71 |
2.07 |
|
Endowment insurance |
79,771 370.8 |
67.66 |
67,685,264.84 |
95.92 |
|
Disability insurance |
633,375.2 |
0.54 |
- |
- |
|
Insurance against incurable diseases |
61,741.01 |
0.05 |
9,850 |
0.01 |
|
Compulsory insurance against labor ability loss |
21,595,476.52 |
18.32 |
1,410,273.67 |
1.99 |
(1.7009 manats = $1 on Sept. 12)