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Azerbaijan increases payments in life insurance market by 7 times

16 September 2014 08:06 (UTC +04:00)

Baku. Musa Ahmadov – APA-Economics. AZN 69.8 mln or 24.6% of the insurance premiums collected in January-August, 2014 came from life insurance, said the Chairman of Azerbaijan Insurers Association Orkhan Bayramov.

According to him, the life insurance market rose AZN 25.2 mln or 56.5% compared to a year earlier.

51.7% or AZN 36.1 mln of premiums on life insurance came from living insurance, 32.1% or AZN 22.4 mln from insurance against accidents at work, 15.8% or AZN 11 mln from death insurance, AZN 279,000 from insurance against incurable diseases.

Insurance payments on life insurance made AZN 20.4 mln or 19.75 of total payments (up AZN 17.7 mln or 7.4 times from 2013).

87.6% or AZN 17.8 mln of payments went to living insurance, 9.15% or AZN 1.87 mln to insurance against accidents at work, 3.225 or AZN 658,000 to death insurance and AZN 12,500 to insurance against incurable diseases.

AZN 29.2 was paid for each AZN 100 insurance premium. It was AZN 6.2 in 2013.