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Azerbaijan’s life-insurance market grows by over 33%

Business Materials 17 November 2017 15:52 (UTC +04:00)

Baku, Azerbaijan, Nov. 17

By Anvar Mammadov – Trend:

Azerbaijan’s life insurance market totaled 166.99 million manats in January-October 2017 that is 33.4 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 36.1 percent in the reporting period.

In January-October 2017, these companies paid claims of 96.27 million manats on all types of life insurance (an increase by 26.8 percent for the year), which accounts for 47 percent of all payments in the market.

Premiums and payment of claims in life insurance market, January-October 2017

Life insurance

Premiums (in manats)

Share (%)

Payment of claims (in manats)

Share (%)

Death insurance

27,849,590.49

16.68

2,074,711.81

2.16

Endowment insurance

108,588,613.32

65.03

91,552,766.94

95.1

Disability insurance

1,637,252.14

0.98

-

-

Insurance against incurable diseases

105,795.83

0.06

9,850

0.01

Compulsory insurance against labor ability loss

28,809,417.45

17.25

2,632,121.26

2.73

(1.7002 manats = $1 on Nov. 17)

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