Baku, Azerbaijan, Sept. 28
By Kamala Mammadli - Trend:
In January-August 2019, the volume of the life insurance market in Azerbaijan amounted to 183.716 million manats, which is 30.5 percent less than in the same period last year, Trend reports referring to Azerbaijan's Financial Market Supervisory Authority (FIMSA).
Four companies, namely PASHA Life, Ateshgah Life, Qala Life and Xalq Life, have licenses for rendering life insurance services in the country.
These companies' share in the total fees of insurance companies in the country for the reported period amounted to 39.1 percent.
In January-Augut 2019, payments of companies for all types of life insurance amounted to almost 70 million manats or 41.5 percent of all payments in the market.
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Comparative table of fees and payments for life insurance, January-August 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 |
33,391.3 |
18.1 |
762.4 |
1.1 |
|
Endowment insurance |
115,247.5 |
62.7 |
67,438.9 |
96.4 |
|
Disability insurance |
3,034.1 |
1.6 |
- |
- |
|
Insurance against incurable diseases |
218.5 |
0.12 |
- |
- |
|
Compulsory insurance against disability at work |
31,824.9 |
17.3 |
1,777.9 |
2.5 |
The life insurance market in Azerbaijan has been operating since 2011.
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