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Azerbaijan’s life-insurance market grows by 30%

Business Materials 26 September 2017 12:20 (UTC +04:00)

Baku, Azerbaijan, Sept. 26

By Azad Hasanli – Trend:

Azerbaijan’s life insurance market totaled 137.3 million manats in January-August 2017 that is 30.3 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 37.2 percent in the period.

In January-August 2017, these companies paid claims of 79 million manats on all types of life insurance (an increase by 62.9 percent in a year), which accounts for 21.4 percent of all payments in the market.

Premiums and paid claims in life insurance market, January-August 2017

Life insurance

Premiums (in manats)

Share (%)

Paid claims (in manats)

Share (%)

Death insurance

20,513,949.06

14.9

1,732,102.08

1.29

Endowment insurance

89,397,963.39

65.1

75,518,201.03

95.6

Disability insurance

855,684.86

0.62

-

-

Insurance against incurable diseases

103,937.75

0.08

9,850

0.01

Compulsory insurance against labor ability loss

26,444,111.52

19.26

1,789,810.38

2.3

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