Azerbaijan sees 3.5% increase in non-life insurance market

Economy Materials 19 November 2015 10:58 (UTC +04:00)

Baku, Azerbaijan, Nov.19
By Azad Hasanli - Trend:

In January-October 2015, 280.4 million manats (AZN) (74 percent) of the total insurance charges in Azerbaijan fell on the share of non-life insurance, which is 3.5 percent more, compared to the same period of last year, the head of Azerbaijan Insurers Association (AIA) Orhan Bayramov said Nov.19 at a press conference.

The official exchange rate for November 19 is 1.0506 AZN/USD.

During the reporting period payments for non-life insurance amounted to 104.4 million manats (74.6 percent of the total insurance payments), which is 1.4 percent less than the same period of last year.

"Health insurance accounted for 60.7 million manats (21.6 percent) from non-life insurance, with payments of 41.8 million manats (40 percent)," he said.

"Mandatory car insurance accounted for 64.9 million manats (23.1 percent) with payments of 27.2 million manats or 26 percent. Voluntary car insurance (CASCO) accounted for 24.7 million manats (8.8 percent), with payments of 20.3 million manats or 19.5 percent. Property insurance against fire and other risks accounted for 28.2 million manats (10.1 percent). Compulsory real estate insurance accounted for 22.9 million manats (8.2 percent), other types of non-life insurance accounted for 79 million manats (28.2 percent) with payments of 15.1 million manats (14.5 percent)."

During the reporting period about 37.2 manats worth of payments accounted for every 100 manats of fees on the non-life insurance market, whereas in January-October 2014 the figure was 39.1 manats.

There are 27 insurance companies and 1 reinsurance company in Azerbaijan.