Life insurance premiums show growth in Azerbaijan - AIA

Finance Materials 19 February 2021 09:46 (UTC +04:00)
Life insurance premiums show growth in Azerbaijan - AIA

BAKU, Azerbaijan, Feb. 19

By Zeyni Jafarov - Trend:

The fees on voluntary life insurance in Azerbaijan increased by 13.9 percent in 2020 compared to 2019, Trend reports citing the bulletin of the Azerbaijan Insurers Association (AIA).

Last year, insurance premiums on voluntary types of life insurance reached 249.8 million manat ($146.9 million), while in 2019 it was equal to 219.4 million manat ($129 million).

The share of insurance premiums for all types of this segment in 2020 amounted to 82 percent of the entire insurance market, has remained unchanged compared to 2019.

“Payments for all types of voluntary life insurance over the past year increased 2.3 times and amounted to 280.4 million manat ($164.9 million). The share of payments in the entire insurance market of the country reached 99 percent, which is 1 percent more than in 2019,” said the AIA.

“Premiums in life insurance for compulsory types reached 53.9 million manat ($31.7 million), which shows an increase in annual terms by 12.1 percent. Payments in this classification, having decreased by 17.5 percent, equaled 2.56 million manat ($1.5 million),” reads the bulletin.

The share of compulsory life-insurance of the total insurance market in terms of fees was 18 percent, and for payments - 1 percent.

The life insurance market in Azerbaijan has been operating since 2011. Four companies are licensed to provide life insurance services: PASHA Life, Ateshgah Life, Qala Life, and Xalq Life.

(1 USD = 1.7 manat on Feb. 19)


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