Baku, Azerbaijan, March 23
By Anvar Mammadov – Trend:
Azerbaijan’s life insurance market totaled 40.92 million manats in January-February 2018 that is 2.01 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 31.4 percent in January-February 2018.
In February 2018, these companies paid claims of 17.29 million manats on all types of life insurance (a decrease by 34.1 percent for the year), which accounts for 42.7 percent of all payments in the market.
|
Premiums and payment of claims in life insurance market, January-February 2018 |
||||
|
Life insurance |
Premiums (in manats) |
Share (%) |
Payment of claims (in manats) |
Share (%) |
|
Death insurance |
8,083 |
19.75 |
148.3 |
0.86 |
|
Endowment insurance |
27,785.4 |
67.9 |
16,461.9 |
95.21 |
|
Disability insurance |
341.1 |
0.83 |
- |
- |
|
Insurance against incurable diseases |
15.1 |
0.04 |
- |
- |
|
Compulsory insurance against labor ability loss |
4,695.3 |
11.47 |
680.3 |
3.93 |
(1.7 manats = $1 on March 23)