Life Insurance in Azerbaijan Grows by 80%

Collection of premiums of insurance companies operating in Azerbaijan in January-September 2014 amounted to 314,134,830 manat (+ 3.5% against October 1 last year).

According to the State Insurance Supervision Service under the Ministry of Finance, the majority of the premiums (65% or 204.1 million manat) was for voluntary insurance. Life insurance has grown most - by 78.9%, amounting to 52,415,650 manat, which is the result of transition of many employers from the gray to the bright segment of the economy.

According to the once traditional types of voluntary insurance like hull, cargo insurance, property insurance from fire and other items, there was registered a decline of 12.4%. A total of AZN 151 687 230 was collected. The real growth was in voluntary positions - for voluntary health insurance (53.19 million manat), which is a consequence of corporate contracts.

For compulsory insurance premiums the total collection amounted to AZN 110,031,950 (+ 9.1%).

By October 1, the insurers made ​​payments in the amount of 116.388 million manat (+ 31.5%). --17D-