Life insurance payments down in Azerbaijan in 2018
Baku, Azerbaijan, Jan. 28
By Taleh Mursagulov - Trend:
In 2018, the volume of the life insurance market in Azerbaijan amounted to 340.99 million manats, which is 61.58 percent more than in 2017, Trend reports referring to Azerbaijan's Financial Markets Supervisory Authority (FIMSA).
In Azerbaijan, three companies, namely, PASHA Life, Ateshgah Life and Qala 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 46.84 percent.
As of the end of December 2018, payments of companies for all types of life insurance amounted to 98.12 million manats or almost 40.83 percent of all payments in the market. This amount decreased by 24.89 percent for the year.
|
Comparative table of fees and payments for life insurance, January-December 2018 |
||||
|
Type of insurance |
Fees (in thousand manats) |
Share (%) |
Payments (in thousand manats) |
Share (%) |
|
Death insurance |
48,090.5 |
14.1 |
1,612.9 |
1.7 |
|
Endowment insurance |
253,943.5 |
74.47 |
93,366 |
95.3 |
|
Disability insurance |
3,388.4 |
1 |
- |
- |
|
Insurance against incurable diseases |
278 |
0.08 |
- |
- |
|
Compulsory insurance against disability at work |
35,292.5 |
10.35 |
3,136.1 |
3 |
