Baku, Azerbaijan, June 20
By Emin Aliyev - Trend:
Life insurance market in Azerbaijan is saturated enough, deputy chairman of the managing board at the Pasha Heyat Sıgorta, Niyaz Ismayilov told Trend on June 20.
He said there are three companies in Azerbaijan engaged in life insurance, offering a sufficient set of a variety of products that are in demand by consumers.
"Of course, the coming of a new player to the market will spur the competition, being beneficial for the market, but now three players - is enough," Ismayilov added.
Between January and May 2014, the total premiums for all types of life-insurance stood at 50 million AZN, which exceeds the indicators for the same period of last year by about 52 percent (or 17 million AZN).
The share of such premiums amounted to 27 percent of total premiums of insurers. At the same time, payments worth 2.9 million AZN were made on this type of insurance, which is about 73 percent more than the same period of last year.
Ismayilov said that the life-insurance market in Azerbaijan has a history starting from 2011.
"Over the past three years, the market grew more three times. Both the state and the insurers have great merits in this. I am sure the rapid development of this segment will continue in the current year," Ismayilov added.
Life insurance market in Azerbaijan is represented by three companies: Paşa Həyat Sığorta, Atəşgah Həyat Sığorta and Qala Həyat Sığorta.
In January-May, 2014, these companies collected 20.24 million, 19.49 million and 10.21 million AZN respectively.
At the same time, the life-companies paid customers 1.9 million, 0.91 million and 0.1 million AZN respectively.
The official exchange rate on June 20 is 0.7843 AZN/USD.
Edited by CN