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Azerbaijan sees fall in life insurance fees

Business Materials 31 October 2018 13:24 (UTC +04:00)

Baku, Azerbaijan, Oct. 31

By Taleh Mursagulov – Trend:

In January-September 2018, the volume of the life insurance market in Azerbaijan amounted to 263.01 million manats, which is 72.81 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 46.26 percent.

As of the end of September, payments of companies for all types of life insurance amounted to 82.9 million manats, or almost 44.4 percent of all payments in the market. This amount decreased by 9.2 percent for the year.

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

Types of life insurance

Fees (in thousand manats)

Share (%)

Payments (in thousand manats)

Share (%)

Death insurance

37,960.1

14.4

1,217.2

1.5

Survival insurance

194,168.8

73.8

79,325.8

95.6

Disability insurance

2,644.6

1

-

-

Insurance against incurable diseases

246.6

0.09

-

-

Compulsory insurance against disability at work

27,996.1

10.6

2,360.3

2.9

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

(1.7 manats = $1 on Oct. 31)

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