Baku, Azerbaijan, April 19
By Anvar Mammadov – Trend
In 1Q2018, the volume of the life insurance market in Azerbaijan amounted to 71.72 million manats, which is 60.9 percent more than in the same period last year, according to the report of the chamber of supervision over financial markets.
In Azerbaijan, three companies, i.e. PASHA Life, Ateshgah Life and Qala Life have a license for the provision of life insurance. Their share in the total volume of yield fees of insurance companies in the country for the reporting period accounted for 37.1 percent.
According to the data as of the end of March, payments of companies for all types of life insurance amounted to 27.96 million manat, or 46.4 percent of all payments in the market. This amount decreased by 12 percent during a year.
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Comparative table of fees and payments for life insurance, January-February 2018 |
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|
Types of life insurance |
Fees (in thousand manats) |
Share (%) |
Payments (in thousand manats) |
Share (%) |
|
Death insurance |
50 012,3 |
69,7 |
26 430,2 |
94,5 |
|
Survival insurance |
12 746,1 |
17,8 |
281,6 |
1 |
|
Disability insurance |
532,9 |
0,7 |
- |
- |
|
Insurance against incurable diseases |
16,3 |
0,02 |
- |
- |
|
Compulsory insurance against disability at work |
8 408 |
11,7 |
1 246 |
4,5 |
The history of Azerbaijan's market of life insurance dates back to 2011.
The official exchange rate as of April 19 is 1.7 AZN/USD.