Azerbaijan, Baku, 14 June / Trend A.Akhundov /
Three companies with the right to engage in life insurance in Azerbaijan - Pasha Heyat, Ateshgah Heyat and Qala Heyat, earned 32.87 million manat for all types of life insurance in January-May 2013, which exceeds the figure for the same period last year by 60 per cent, the Finance Ministry's report on the activities of insurance companies in January-May 2013 says.
According to the report, the share of life insurance premiums in total fees collected by companies grew from 14.25 per cent to 19.5 per cent.
In January-May 2013, compensation was paid out to the sum of 1.69 million manat, which is almost 3.45 times more than the same period last year. The share of these payments in the total pay-out of the insurance market increased during the year from 1.5 per cent to 3.46 per cent.
During the first five months of 2013, the companies collected 16.04 million manat on compulsory insurance against disability resulting from occupational diseases and accidents at work, or 13.6 per cent more than the same period last year.
Premiums for voluntary life insurance over the year increased 2.6-fold and reached 16.83 million manat. Most of the charges in the segment of voluntary life-insurance have fallen to insurance on survival (14.95 million manat), while the remaining part accounted for the life insurance in case of death (1.87 million manat) and insurance from incurable diseases (9,830 manat).
Payments for voluntary life-insurance in January-May amounted to 1.1 million manat, while for mandatory insurance - over 600,000 manat.
The total premiums of all companies operating in the country in January-May 2013 amounted to 168.7 million manat (annual growth of nearly 16.6 per cent), and payments made during the reporting period totaled 48.88 million (an increase of 48.4 per cent).
The ministry's report does not include the figures for the only reinsurance company AzRE.
The official exchange rate on June 14 is 0.7846 AZN / USD.
