Life insurance market in Azerbaijan up by 15%

Volume of payments in this area increased by 59%

Baku. 30 December. REPORT.AZ/ 26.1% or 105.3 mln AZN of insurance premiums collected in January-November 2015 accounted for life insurance. Life insurance market grew by 14.8% compared with the same period last year.

Report informs referring to the Azerbaijan Insurers Association(AIA), 62.3 mln AZN, or 59.2% of revenues accounted for universal life insurance, 27.1% or 28.6 mln AZN for insurance against accidents at work, 12.3% or 12.9 mln AZN for insurance against death, 1%, or 1.1 mln AZN for disability insurance, only 0.3% or 390 thousand AZN for critical illness insurance.

During the reporting period the amount of the payments made on life insurance constituted 42.7 mln AZN.That makes 27.1% of the total payments which is by 59.2% more compared to the same period of 2014.

90.6%, or 38.7 mln AZN of life insurance payments accounted for universal life insurance, 4.7% or 2 mln AZN for insurance against accidents at work, another 4.7 mln AZN or 2 mln AZN - insurance against death and only 13.7 mln AZN accounted forcritical illness insurance.

40.6 AZN payment was made for each 100 AZN insurance premium collected from life insurance market. In January-November 2014, the figure was 29.3 AZN.

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