Azerbaijan, Baku, July 6 / Trend A.Akhundov /
The highest rate of loss of health insurance in the South Caucasus has been noted in Azerbaijan. This is stated in the research of the regional insurance market, conducted by the only reinsurance company in Azerbaijan AzRe.
As of late 2011, the health insurance loss ratio in Azerbaijan was 97 per cent, while in Georgia it was 87 per cent and in Armenia 70 per cent. The loss ratios of the main types of insurance in the three countries are listed in the table below:
|
Azerbaijan |
Georgia |
Armenia |
|
|
Liability insurance types |
13 % |
2 % |
19 % |
|
Property insurance |
29 % |
6 % |
9 % |
|
Personal accident insurance |
32 % |
16 % |
9 % |
|
Car insurance |
50 % |
47 % |
63 % |
|
Health insurance |
96 % |
87 % |
70 % |
Charges of insurers in Azerbaijan at the end of 2011 totalled $270.8 million, in Georgia - $191.2 million, in Armenia - $58.08 million. Charges per capita were $29.32, $42.49 and $18.15, respectively.
In the structure of charges, the non-life segment in Azerbaijan accounted for 89 per cent of the charges, Georgia - 95 per cent and in Armenia - the whole market.
In 2011 24.4 per cent of the collection for Azerbaijani insurance companies were carried out by mandatory forms, 21.1 per cent - car insurance, 17.2 per cent - personal insurance, including health and 14 per cent - property insurance and so on.
As of late 2011, 62.46 per cent of the insurance market of Georgia was provided by health insurance, 12.42 per cent - property insurance, 8.65 per cent - car insurance and 5.1 per cent - life insurance. In Armenia, 66.44 per cent of charges fell to compulsory insurance of vehicle owners, 9.61 per cent - property insurance, 6.84 per cent - car insurance and 6.64 per cent - health insurance.
There are 28 insurance companies in Azerbaijan, 14 in Georgia and eight in Armenia. Life insurance companies and reinsurers are only in Azerbaijan (three and one respectively). The number of insurance brokers in Azerbaijan is six, in Georgia 12 and in Armenia four.