Life insurance market of Azerbaijan increased by 44%

Payments for life insurance during 11 months of this year rose for eight times

Baku. 18 December. REPORT.AZ/ As of January-November of this year, 24% or 91,75 million manats of insurance fees collected by the insurance companies based in Azerbaijan accounted to life insurance.

Report informs referring the Azerbaijan Insurers Association, in comparison with the same period of previous year, life insurance market extended by 43,8%.

53% of life insurance fees (48,6 million manats) accounted to life insurance, 30% (27,6 million manats) to accidents at production spheres, 16,6% (15,3 million manats) to death insurance, 0,4% (343 thousand manats) to incurable diseases.

During the reported period volume of insurance payments made for life insurance amounted to 26,8 million manats. And this number is 18,7% of total insurance payments over the country and more for 7,6 times than the same period of previous year.

87,8% (23,6 million manats) of life insurance payments accounted to life insurance, 7,8% (2,1 million manats) to accidents at production spheres, 4,2% (1,13 million manats) death insurance, only 0,02% (62,5 thousand manats) to incurable diseases. 

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