Baku, Azerbaijan, June 27
By Kheyraddin Nasirzade - Trend:
In January-May 2019, the volume of the life insurance market in Azerbaijan amounted to 116.25 million manats, which is 26.4 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 36.4 percent.
In January-May 2019, payments of companies for all types of life insurance amounted to 31.1 million manats or 33.16 percent of all payments in the market. This amount decreased by 20.32 percent over a year.
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Comparative table of fees and payments for life insurance, January-May 2019 |
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|
Type of life-insurance |
Fees (in thousand manats) |
Share in life insurance (%) |
Payments (in thousand manats) |
Share in life insurance (%) |
|
Death insurance |
18,187.5 |
15.64 |
516.8 |
1.66 |
|
Endowment insurance |
73,035.5 |
62.83 |
29,619.2 |
95.25 |
|
Disability insurance |
1,651.4 |
1.42 |
- |
- |
|
Insurance against incurable diseases |
66.1 |
0.06 |
- |
- |
|
Compulsory insurance against disability at work |
23,311.0 |
20.1 |
961.7 |
3.1 |
The life insurance market in Azerbaijan has been operating since 2011.
(1 USD = 1.7 AZN on June 27)
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