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Life insurance market shrinking in Azerbaijan

Business Materials 9 May 2019 14:51 (UTC +04:00)

Baku, Azerbaijan, May 9

By Kheyraddin Nasirzade - Trend:

In January-March 2019, the volume of the life insurance market in Azerbaijan amounted to 51.54 million manats, which is 28.1 percent less than in the same period last year, Trend reports referring to Azerbaijan's Financial Market Supervisory Authority (FIMSA).

In Azerbaijan, four companies, namely, PASHA Life, Ateshgah Life, Qala Life and Xalq Life have licenses for rendering life insurance services.

These companies' share in the total fees of insurance companies in the country for the period amounted to 25.62 percent.

In January-March 2019, payments of companies for all types of life insurance amounted to 15.8 million manats or 34.24 percent of all payments in the market. This amount decreased by 43.4 percent over a year.

Comparative table of fees and payments for life insurance, January-March 2019

Type of life-insurance

Fees (in thousand manats)

Share in life insurance (%)

Payments (in thousand manats)

Share in life insurance (%)

Death insurance

8,696.1

16.87

625.2

3.95

Endowment insurance

29,055.1

56.38

14,544.9

91.87

Disability insurance

742.4

1.44

-

-

Insurance against incurable diseases

23.1

0.04

-

-

Compulsory insurance against disability at work

13,021.3

25.27

661.8

4.18

The life insurance market in Azerbaijan has been operating since 2011.

(1 USD = 1.7 AZN on May 9)

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Follow the author on Twitter: @1nasirzade

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