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Azerbaijan sees 14% decline in premiums, 3.2 times rise in payments in life insurance market

18 March 2015 12:16 (UTC +04:00)

Baku. Musa Ahmadov – APA-Economics. AZN 19.6 mln or 19.3% of the insurance premiums collected in January-February, 2015, came from life insurance, down 13.9% from previous year, Azerbaijan Insurers Association told APA-Economics.

About 51.4% or AZN 10.1 mln of premiums on life insurance came from living insurance, 28.5% or AZN 5.6 mln from insurance against accidents at work, 19.5% or AZN 3.8 mln from death insurance, AZN 111,000 from insurance against incurable diseases.

Insurance payments on life insurance made AZN 4.4 mln or 18.3% of total payments (up 3.2 times from 2014).

73% or AZN 3.2 mln of payments went to living insurance, 14.3% or AZN 629,000 to insurance against accidents at work, 12.7% or AZN 556,000 to death insurance.

AZN 22.4 was paid for each AZN 100 insurance premium in the reporting period, while it was AZN 6 in 2014.