Azerbaijan sees rise in life insurance fees

Baku, Azerbaijan, June 16

By Azad Hasanli – Trend

In January-May 2018, the volume of the life insurance market in Azerbaijan amounted to 157.9 million manats, which is 1.7 times more than in the same period last year, according to Azerbaijan’s Financial Markets Supervisory Authority (FIMSA).

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 45.01 percent.

According to the data as of the end of May, payments of companies for all types of life insurance amounted to 39.03 million manats, or 40.5 percent of all payments in the market. This amount decreased by 20.02 percent during a year.

Comparative table of fees and payments for life insurance, January-May 2018

Types of life insurance

Fees (in thousand manats)

Share (%)

Payments (in thousand manats)

Share (%)

Death insurance

23,382.4

14.8

612.2

1.57

Survival insurance

113,315.1

71.75

36,744.2

94.13

Disability insurance

1,356.5

0.86

-

-

Insurance against incurable diseases

32.2

0.02

-

-

Compulsory insurance against disability at work

19,821

12.54

1,670.8

4.28

The history of Azerbaijan's market of life insurance dates back to 2011.

($1 = 1.7 AZN on June 16).

---

Follow the author on Twitter: @AzadHasanli

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