Azerbaijan increases premiums 53%, payments 7.4 times in life insurance market

Azerbaijan increases premiums 53%, payments 7.4 times in life insurance market
# 22 January 2015 10:43 (UTC +04:00)

Baku. Musa Ahmadov – APA-Economics. AZN 105 mln or 24.5% of the insurance premiums collected in 2014 came from life insurance, up AZN 36.2 mln or 52.7% from previous year, 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.

56.7% or AZN 59.5 mln of premiums on life insurance came from living insurance, 27% or AZN 28.3 mln from insurance against accidents at work, 15.9% or AZN 16.7 mln from death insurance, AZN 458,000 from insurance against incurable diseases.

Insurance payments on life insurance made AZN 28.6 mln or 18.2% of total payments (up AZN 24.7 mln or 7.6 times from 2013).

86.7% or AZN 24.8 mln of payments went to living insurance, 8.4% or AZN 2.4 mln to insurance against accidents at work, 4.6% or AZN 1.3 mln to death insurance and AZN 62,500 to insurance against incurable diseases.

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