Baku, Azerbaijan, July 13
By Anvar Mammadov – Trend
In January-June 2018, the volume of the life insurance market in Azerbaijan amounted to 180.23 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 45.6 percent.
According to the data as of the end of June, payments of companies for all types of life insurance amounted to 50.74 million manats, or 42.5 percent of all payments in the market. This amount decreased by 18.6 percent during a year.
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Comparative table of fees and payments for life insurance, January-June 2018 |
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|
Types of life insurance |
Fees (in thousand manats) |
Share (%) |
Payments (in thousand manats) |
Share (%) |
|
Death insurance |
26,295.9 |
14.6 |
729.5 |
1.4 |
|
Survival insurance |
130,959.1 |
72.7 |
48,186.3 |
95 |
|
Disability insurance |
1,630.8 |
0.87 |
- |
- |
|
Insurance against incurable diseases |
46.7 |
0.03 |
- |
- |
|
Compulsory insurance against disability at work |
21,299.8 |
11.8 |
1,828.8 |
3.6 |
The history of Azerbaijan's market of life insurance dates back to 2011.
($1 = 1.7 AZN on July 13)
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