Baku, Azerbaijan, Sept. 22
By Anvar Mammadov - Trend:
In January-August 2018, the volume of the life insurance market in Azerbaijan amounted to 239.75 million manats, which is 74.6 percent more than in the same period of 2017, according to Azerbaijan’s Financial Markets Supervisory Authority (FIMSA).
In Azerbaijan, three companies, namely, PASHA Life, Ateshgah Life and Qala Life have a license for rendering life insurance services. Those companies’ share in the total volume of fees of insurance companies in the country for the reporting period accounted for 46.4 percent.
As of the end of August, payments of companies for all types of life insurance amounted to 75.82 million manats, or almost 45 percent of all payments in the market. This amount decreased by 4.1 percent for the year.
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Comparative table of fees and payments for life insurance, January-August 2018 |
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|
Types of life insurance |
Fees (in thousand manats) |
Share (%) |
Payments (in thousand manats) |
Share (%) |
|
Death insurance |
34,740.9 |
14.5 |
1,104.2 |
1.5 |
|
Survival insurance |
174.619.5 |
72.8 |
72,477.7 |
95.6 |
|
Disability insurance |
2,334.8 |
1 |
- |
- |
|
Insurance against incurable diseases |
101.2 |
0.04 |
- |
- |
|
Compulsory insurance against disability at work |
27,956.7 |
11.7 |
2,240 |
3 |
The history of Azerbaijan's market of life insurance dates back to 2011.