Premiums rise 17.5%, payments - 60.5% in Azerbaijan’s life insurance market

Premiums rise 17.5%, payments - 60.5% in Azerbaijan’s life insurance market
# 16 September 2015 08:44 (UTC +04:00)

Baku. Musa Ahmadov – APA-Economics. AZN 82 mln or 26.2% of the insurance premiums collected in the January-August of 2015 came from life insurance, up 17.4% from previous year, said the head of Azerbaijan Insurers Association Orkhan Bayramov.

About 56.8% or AZN 46.5 mln of premiums on life insurance came from endowment insurance, 31.2% or AZN 25.6 mln from insurance against accidents at work, 10.4% or AZN 8.5 mln from death insurance, 1.1% or AZN 942,000 from insurance of working ability, 0.5% or AZN 436,000 from insurance against incurable diseases.

Insurance payments on life insurance made AZN 32.8 mln or 28.2% of total payments (up 60.5% from 2014).

90.4% or AZN 29.6 mln of payments went to endowment insurance, 4.8% or AZN 1.6 to insurance against accidents at work, 4.8% or AZN 1.6 mln to death insurance, and AZN 13,700 from insurance against incurable diseases.

AZN 40 was paid for each AZN 100 insurance premium in the reporting period, while it was AZN 29.3 in 2014.

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