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Azerbaijan sees decrease in non-life-insurance market decline

Business Materials 15 August 2014 13:33 (UTC +04:00)

Baku, Azerbaijan, Aug.15
By Ilaha Mammadli - Trend:

In the first quarter of 2014, 188.2 million AZN (74.8 percent) of the total insurance charges in Azerbaijan fell on the share of non-life insurance in 1 HY 2014, which is 0.1 million AZN (approximately 0.05 percent) less, compared to the same period of last year, the report of Azerbaijan Insurers Association (AIA) said on August 14.

During the reporting period payments for non-life insurance amounted to 73.2 million AZN (93.8 percent of the total insurance payments), which is 6.8 million AZN (about 10.2 percent) more than the same period of last year.

In 1 HY the insurance fees decreased by about 3.4 percent (5.5 million AZN), while the payments increased by 10.3 percent (5.8 million AZN).

Health insurance accounted for 45.8 million AZN (24.3 percent) from non-life insurance, with payments of 27.3 million AZN (37.3 percent).

Mandatory car insurance accounted for 37.8 million AZN (20.1 percent) with payments of 16.3 million AZN or 22.3 percent. Voluntary car insurance (CASCO) accounted for 21.2 million AZN (11.3 percent), with payments of 15.8 million AZN or 21 6 percent.
Property insurance against fire and other risks accounted for 18.5 million AZN (9.8 percent) with payments of 5.9 million manats, or eight percent.

Compulsory real estate insurance accounted for 10.5 million AZN (5.6 percent), with payments of 1.3 million AZN or 1.8 percent.

During the reporting period about 38.9 AZN worth of payments accounted for every 100 AZN of fees on the non-life insurance market, whereas in 1 HY 2013 the figure was 35.3 AZN.
There are 28 insurance companies in Azerbaijan.

The official exchange rate for August 14 is 0,7843 AZN / USD.

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