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Azerbaijan’s life insurance market significantly grows

Business Materials 23 March 2018 17:21 (UTC +04:00)

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)

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