Azerbaijan sees 6 % decrease in non-life-insurance market
Baku, Azerbaijan, Oct.16
By Azad Hasanov - Trend:
In January-September of 2014, 237.3 million AZN (75.5 percent) of the total insurance charges in Azerbaijan fell on the share of non-life insurance, which is 14.8 million AZN (approximately 5.9 percent) less, compared to the same period of last year, the head of Azerbaijan Insurers Association (AIA) Orhan Bayramov said Oct.16 at a press conference on the results of 9 months.
The official exchange rate for October 16 is 0, 7843 AZN / USD.
During the reporting period payments for non-life insurance amounted to 92.85 million AZN (79.8 percent of the total insurance payments), which is 7.35 million AZN (about 8.6 percent) more than the same period of last year.
Health insurance accounted for 53.2 million AZN (22.4 percent) from non-life insurance, with payments of 35.2 million AZN (37.9 percent).
Mandatory car insurance accounted for 51.3 million AZN (21.6 percent) with payments of 21.1 million AZN or 22.7 percent. Voluntary car insurance (CASCO) accounted for 27.7 million AZN (11.7 percent), with payments of 20.6 million AZN or 22.2 percent.
Property insurance against fire and other risks accounted for 23 million AZN (9.7 percent) with payments of 6.1 million AZN, or 6.6 percent.
Compulsory real estate insurance accounted for 13.4 million AZN (5.6 percent), with payments of 1.5 million AZN or 1.7 percent.
During the reporting period about 39.1 AZN worth of payments accounted for every 100 AZN of fees on the non-life insurance market, whereas in January-September 2013 the figure was 33.9 AZN.
There are 28 insurance companies and 1 reinsurance company in Azerbaijan.
During the 9 months the insurance fees on the market in total increased by 3.5 percent (10.75 million AZN), while the payments increased by about 31.5 percent (27.85 million AZN).