Baku, Azerbaijan, July 20
By Kheyraddin Nasirzade - Trend:
In January-June 2019, the volume of the life insurance market in Azerbaijan amounted to 135.39 million manats, which is 24.9 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 reported period amounted to 36.4 percent.
In January-June 2019, payments of companies for all types of life insurance amounted to 41.466 million manats or 34.82 percent of all payments in the market. This amount decreased by 18.28 percent over a year.
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Comparative table of fees and payments for life insurance, January-June 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 |
22,777.4 |
16.82 |
549.2 |
1.32 |
|
Endowment insurance |
85,055.7 |
62.82 |
39,598.6 |
95.5 |
|
Disability insurance |
2,048.3 |
1.51 |
- |
- |
|
Insurance against incurable diseases |
94.8 |
0.07 |
- |
- |
|
Compulsory insurance against disability at work |
25,413.9 |
18.77 |
1,319.2 |
3.18 |
The life insurance market in Azerbaijan has been operating since 2011.
(1 USD = 1.7 AZN on July 20)
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