Baku, Azerbaijan, Oct. 26
By Anvar Mammadov – Trend:
Azerbaijan’s life insurance market totaled 152.21 million manats in January-September 2017 that is 31.1 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 36.7 percent in the reporting period.
In January-September 2017, these companies paid claims of 91.27 million manats on all types of life insurance (an increase by 40.4 percent for the year), which accounts for 48.4 percent of all payments in the market.
|
Premiums and payment of claims in life insurance market, January-September 2017 |
||||
|
Life insurance |
Premiums (in manats) |
Share (%) |
Payment of claims (in manats) |
Share (%) |
|
Death insurance |
24,095,737.43 |
15.8 |
1,845,032.8 |
2 |
|
Endowment insurance |
98,672,867.67 |
64.8 |
87,197,060.69 |
95.5 |
|
Disability insurance |
10,063,410.5 |
0.7 |
- |
- |
|
Insurance against incurable diseases |
100,411.9 |
0.1 |
9,850 |
0.01 |
|
Compulsory insurance against labor ability loss |
28,332,021.57 |
18.6 |
2,220,000 |
2.4 |
(1.7002 AZN = $1 on Oct. 26)
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