Baku, Azerbaijan, Sept. 23
By Anvar Mammadov – Trend:
Non-life insurance collections increased by 8.6 percent during the year and amounted to 250.78 million mantas (1.6292 AZN/USD on Sept. 23) in January-August 2016 in Azerbaijan, said the country’s Financial Market Supervisory Body.
The share of non-life insurance in the total volume of collections was 70.4 percent during the reporting period, according to the Supervisory Body.
Payments on non-life insurance reached 88.31 million manats, which is by 5.9 percent more than in January-August 2015. The share of payments on non-life insurance in the total volume of payments was 64.6 percent.
Comparative table of non-life insurance types with the highest specific weight (January-August 2016)
Voluntary insurance |
Insurance charges |
Specific weight (with %) |
Insurance payments |
Specific weight (with %) |
Health insurance |
58,627,492.69 |
23.38% |
40,389,014.36 |
45.73% |
Property insurance against fire and other risks |
26,405,454.65 |
10.53% |
1,686,877.34 |
1.91% |
Vehicle insurance |
15,166,715.68 |
6.05% |
9,739,673.87 |
11.03% |
Air traffic insurance |
11,739,103.05 |
4.68% |
200,000.00 |
0.23% |
Maritime traffic insurance |
5,672,165.84 |
2.26% |
18,000.00 |
0.02% |
Civil liability insurance of air transport owners |
4,264,508.43 |
1.70% |
0.00 |
0.00% |
Types of compulsory insurance |
Insurance charges |
Specific weight (with %) |
Insurance payments |
Specific weight (with %) |
State insurance of military servicemen |
16,472,702.00 |
6.57% |
7,345,135.00 |
8.32% |
State insurance for employees of law enforcement bodies and courts |
10,934,244.00 |
4.36% |
714,949.00 |
0.81% |
Property insurance |
18,709,180.98 |
7.46% |
1,046,030.71 |
1.18% |
Compulsory motor-vehicle liability insurance |
57,990,143.72 |
23.12% |
25,223,647.04 |
28.56% |
Total (non-life insurance) |
250,777,887.14 |
88,314,568.21 |