BAKU, Azerbaijan, Dec.3
By Zeyni Jafarov - Trend:
The total value of Azerbaijan’s life insurance market amounted to 259.2 million manat ($152.5 million) in the first 10 months of 2020, which is 16 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 62.3 percent with 218.1 million manat ($128.3 million).
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Comparative table of fees and payments for life insurance, from January through October 2020 |
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|
Type of life-insurance |
Fees |
Share in life insurance (%) |
Payments |
Share in life insurance (%) |
|
Death insurance |
36.5 million manat ($21.48) |
14.1 |
1.2 million ($710,000) |
0.6 |
|
Endowment insurance |
176.2 million manat ($103.7) |
68 |
214.7 million manat ($126.3 million) |
98.5 |
|
Disability insurance |
747,000 manat ($439,670) |
0.3 |
0 |
0 |
|
Insurance against incurable diseases |
409,000 manat ($240,730) |
0.1 |
0 |
0 |
|
A compulsory insurance against disability at work |
45.29 million manat ($26.6 million) |
17.5 |
2 million manat ($1.18 million) |
0.95 |
The life insurance market has been operating in Azerbaijan since 2011.
(1 USD = 1.7 AZN on Dec.3)
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