Payments on Azerbaijani insurance market increased dramatically

Baku. 18 May. REPORT.AZ/ In January-April this year, the share of life insurance had 25.2% or 41.9 million manats of total insurance premiums, which is by 2.6% more compared to the same period last year.

Report informs, the Chairman of Azerbaijan Insurers Association (ASA) Orkhan Bayramov said at today's event, dedicated to the results of four months.

Additional charges for life insurance 51.3% or 21.5 mln manats falls on accumulative life insurance, 35.6% or 14.9 mln. manats - insurance against accidents at work, 12.8%, or 5.4 mln. manats - insurance in case of death, 0.3% or 137 thousand manats - insurance in case of an incurable disease.

During the reporting period, the volume of payments for life insurance is about 18 million manats or 31% of total payments that is by 7.8 times more compared to the same period in 2014.

Among the benefits of life insurance 90.3% or 16.3 mln. manats fall on accumulative life insurance, 5.2% or 942 thousand manats - insurance in case of death, 4.5% or 812 thousand manats - insurance against accidents at work.Insurance payments in the event of an incurable disease has not been carried out.

During the reporting period insurance market for every collected 100 manats premiums had 43.1 manats insurance payments. For the same period last year the figure was 5.9 manats.

Chairman of ASA, O. Bayramov noted that there is no claims from customers in connection with payments in the life insurance market. According to him, the share of life insurance in insurance market is growing.In developed insurance markets, the figure is 50%: "We expect that in Azerbaijan in the near future this figure will exceed 40%."