BAKU, Azerbaijan, Aug.28
By Eldar Janashvili - Trend:
The volume of Azerbaijan’s life insurance market amounted to 192.1 million manats ($113 million) from January through July 2020, which is 18.9 percent more than in the same period of last year, Trend reports referring to Azerbaijani Central Bank (CBA).
Four companies, namely PASHA Life, Ateshgah Life, Qala Life, and Xalq Life, have licenses to offer life insurance services in the country.
These companies’ share in the total fees of insurance companies in Azerbaijan for the reporting period amounted to 41.1 percent.
According to CBA, in the first 7 months of this year payments of companies for all types of life insurance amounted to 138.4 million manats ($81.4 million) or 73 percent of all payments in the market.
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Comparative table of fees and payments for life insurance, from January through July 2020 |
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|
Type of life-insurance |
Fees |
Share in life insurance (%) |
Payments |
Share in life insurance (%) |
|
Death insurance |
22.9 million manat ($13.4) |
12 |
629,000 ($370,000) |
0.45 |
|
Endowment insurance |
135.3 million manat ($81.7) |
70.4 |
136.5 million manat ($80.2 million) |
98.6 |
|
Disability insurance |
328,000 manat ($192,900) |
0.2 |
0 |
0 |
|
Insurance against incurable diseases |
216,000 manat ($127,060) |
0.1 |
0 |
0 |
|
Compulsory insurance against disability at work |
33.2 million manat ($19.5 million) |
17.3 |
1.4 million manat ($820,000) |
2.7 |
Life insurance market has been operating in Azerbaijan since 2011.
(1 USD = 1.7 AZN on Aug.28)
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