Baku, Azerbaijan, Jan. 16
By Anvar Mammadov – Trend:
Azerbaijan’s life insurance market totaled 211.02 million manats in 2017 that is 43.7 percent more than in 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 amounted to nearly 37.9 percent in 2017.
In 2017, these companies paid claims of 130.63 million manats on all types of life insurance (an increase by 43.6 percent for the year), which accounts for 50.8 percent of all payments in the market.
|
Premiums and payment of claims in life insurance market, 2017 |
||||
|
Life insurance |
Premiums (in manats) |
Share (%) |
Payment of claims (in manats) |
Share (%) |
|
Death insurance |
37,942,389.49 |
18 |
2,351,493.47 |
1.83 |
|
Endowment insurance |
137,927,658.08 |
65.4 |
124,045,576.63 |
94.96 |
|
Disability insurance |
1,868,207.33 |
0.8 |
- |
- |
|
Insurance against incurable diseases |
117,516.63 |
0.1 |
9,850.00 |
0.01 |
|
Compulsory insurance against labor ability loss |
33,165,399.01 |
15.7 |
4,226,402.16 |
3.2 |
(1.7001 manats = $1 on Jan. 16)