Market share of life insurance expected to increase in Azerbaijan

Baku. 23 November. REPORT.AZ/ At present, about 1/4 of Azerbaijan's insurance market accounted for life, 3/4 - non-life insurance market. In the future this ratio will change favor of the life insurance. Report informs Azerbaijan Insurers Association's (AIA) head Orkhan Bayramov said that.

According to statistics, in January-October 2015, 26% or 98.5 mln AZN of insurance premiums collected in Azerbaijan accounted for life insurance which shows the growth of insurance market by 16% compared to the same period of 2014.

57.7 million, or 58.6% of premiums from life insurance accounted for life insurance, 28.4% or 28 mln AZN of insurance for accidents at work, 11.6% or 11.4 mln AZN insurance against death, 1.1% or 1 mln AZN for disability insurance and only 0.3% or 362 thousand AZN for critical illness insurance.

During the reporting period payments were carried out for life insurance in the amount of 35.6 mln AZN.

It accounted for 25.4% of the total payments and by 39.5% more than the same period of 2014.