Life Insurance Market Increased by Half

Local insurers specializing in life insurance collected 104 million 992.8 thousand manat last year (+ 52.7% yoy).

According to the report of Azerbaijan Insurers Association (AIA), there are only three such insurance companies, which in the aggregate collected 24.46% of premiums of the local insurance market with payments of 28 million 573.74 thousand manat (an increase of 7.4 times ), with the proportion of 18.18% of the total payments in the market.

Most of all premiums in this segment were gathered by Pasha Hayat Sigorta - 41 million 902.87 thousand, with payments of 2 million 867.24 thousand manat (extremely low percentage of payments to premiums - 6.9%). On the account of Ateshgah Hayat Sigorta there is 37 million 928.85 thousand, with payments of 24 million 138.55 thousand manat (63.2%), and at Qala Hayat Sigorta there is 25 million 161.09 thousand, with compensations of 1 million 567.95 thousand manat (6.2%). Recall, the average ratio of payments to premiums for the countries of Eastern Europe and CIS is up to 40%.

In Azerbaijan, in general, 27 insurance companies have licenses for operation. --17D-