Azerbaijan sees 14% increase in non-life insurance market
Baku, Azerbaijan, Feb.23
By Azad Hasanov - Trend:
In January 2015, 54.7 million manats (AZN) (87 percent) of the total insurance charges in Azerbaijan fell on the share of non-life insurance, which is 14.2 percent more, compared to the same period of last year, the head of Azerbaijan Insurers Association (AIA) Orhan Bayramov said Feb.23 at a press conference on the results of the last month.
The official exchange rate for February 23 is 1.05 AZN / USD.
During the reporting period payments for non-life insurance amounted to 9.7 million manats (93.7 percent of the total insurance payments), which is 35.8 percent more than the same period of last year.
"Health insurance accounted for 26.7 million manats (48.7 percent) from non-life insurance, with payments of 4 million manats (41.7 percent)," he said.
"Air transport insurance accounted for 5.6 million manats (10.3 percent). Mandatory car insurance accounted for 5.1 million manats (9.3 percent) with payments of 2.2 million manats or 22.2 percent. Voluntary car insurance (CASCO) accounted for 3.1 million manats (5.7 percent), with payments of 2.4 million manats or 24.4 percent. Property insurance against fire and other risks accounted for 4.1 million manats (7.5 percent). Compulsory real estate insurance accounted for 4.1 million manats (7.5 percent), other types of non-life insurance accounted for 6 million manats (11 percent) with payments of 1.1 million manats (11.7 percent)."
During the reporting period about 17.7 manats worth of payments accounted for every 100 manats of fees on the non-life insurance market, whereas in January 2014 the figure was 14.9 manats.
There are 27 insurance companies and 1 reinsurance company in Azerbaijan.
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