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Azerbaijan sees 14% rise in premiums, 3.8 times rise in payments in life insurance market

14 April 2015 09:08 (UTC +04:00)

Baku. Musa Ahmadov – APA-Economics. AZN 32.25 mln or 23.9% of the insurance premiums collected in January-March, 2015, came from life insurance, p 5.1% from previous year, Azerbaijan Insurers Association told APA-Economics.

About 49.8% or AZN 16.1 mln of premiums on life insurance came from living insurance, 33.7% or AZN 10.9 mln from insurance against accidents at work, 16.1% or AZN 5.2 mln from death insurance, 0.4% or AZN 126,000 from insurance against incurable diseases.

Insurance payments on life insurance made AZN 7.24 mln or 20.3% of total payments (up 3.8 times from 2014).

80.4% or AZN 5.8 mln of payments went to living insurance, 9.3% or AZN 676,000 to insurance against accidents at work, 10.3% or AZN 748,000 to death insurance.

AZN 22.4 was paid for each AZN 100 insurance premium in the reporting period, while it was AZN 6.3 in 2014.