BAKU, Azerbaijan, Sept.13
By Zeyni Jafarov - Trend:
The fees on the voluntary life insurance in Azerbaijan increased by 22 percent or 35 million manat ($2.05 million) from January through July 2021, compared to the same period of 2020, the Central Bank of Azerbaijan told Trend.
Accordingly, this indicator increased from 137 million to 194 million manat ($80.5 million - $114.1 million).
“The share of accumulative insurance in the total structure of voluntary life insurance amounted to about 88 percent. Fees on it increased by 26 percent (34.7 million manat or $12 million) on annual basis and exceeded 170 million manat ($100 million),” the CBA said.
The share of death insurance in the total volume of voluntary life insurance was 11 percent. Fees for this type of insurance decreased by 7 percent, or 1.6 million manat ($940,000), on annual basis and amounted to 21.4 million manat or $12.5 million (against 23 million manat or $13.5 million a year earlier).
The share of insurance against incurable diseases and disability in voluntary life insurance exceeded one percent (2.26 million manat), a growth of four times year on year (544,000 manat or $320,000).
“Insurance payments on voluntary life insurance increased over the year by 29 percent, or 39 million manat, and reached 177 million manat ($104 million) manat against 137.1 million manat ($80.6 million). Almost all premiums paid (99 percent) accounted for accumulative life insurance - 175 million manat or $103 million (an increase of 28 percent over the year, or 38 million manat ($22.3 million)),” the bank said.
“In total, fees on voluntary types of insurance in Azerbaijan in the first seven months of this year increased by 12 percent, or 40 million manat ($23.5 million), compared to the same period of last year - from 325 million to 365 million manat ($191.1 million - $214 million). Payments in this segment increased over the year by 21 percent, or by 41 million manat ($24.1 million) - from 188 million to 228 million manat ($110.5 million - $134 million),” the report said.
The life insurance market has been operating in Azerbaijan since 2011. Five companies have been licensed to render life insurance services, namely, PASHA Life, Ateshgah Life, Qala Life, Xalq Life and Mega Life Insurance.
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