Baku, Azerbaijan, Feb. 22
By Anvar Mammadov – Trend:
Azerbaijan’s life insurance market totaled 18.47 million manats in January 2018 that is 2.3 times more than in the same period last year, 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 22.3 percent in January 2018.
In January 2018, these companies paid claims of 11.44 million manats on all types of life insurance (an decrease by 34.8 percent for the year), which accounts for 49.8 percent of all payments in the market.
|
Premiums and payment of claims in life insurance market, January 2018 |
||||
|
Life insurance |
Premiums (in manats) |
Share (%) |
Payment of claims (in manats) |
Share (%) |
|
Death insurance |
12,622.55 |
68.34 |
10,944.43 |
95.65 |
|
Endowment insurance |
3,921.32 |
21.23 |
51.05 |
0.45 |
|
Disability insurance |
151.51 |
0.82 |
- |
- |
|
Insurance against incurable diseases |
7.19 |
0.04 |
- |
- |
|
Compulsory insurance against labor ability loss |
1,766.98 |
9.57 |
446.7 |
3.9 |
(1.7001 manats = $1 on Feb. 22)