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Non-life insurance market make over 70% of payments

Business Materials 23 September 2016 14:53 (UTC +04:00)

Baku, Azerbaijan, Sept. 23

By Anvar Mammadov – Trend:

Non-life insurance collections increased by 8.6 percent during the year and amounted to 250.78 million mantas (1.6292 AZN/USD on Sept. 23) in January-August 2016 in Azerbaijan, said the country’s Financial Market Supervisory Body.

The share of non-life insurance in the total volume of collections was 70.4 percent during the reporting period, according to the Supervisory Body.

Payments on non-life insurance reached 88.31 million manats, which is by 5.9 percent more than in January-August 2015. The share of payments on non-life insurance in the total volume of payments was 64.6 percent.

Comparative table of non-life insurance types with the highest specific weight (January-August 2016)

Voluntary insurance

Insurance charges

Specific weight (with %)

Insurance payments

Specific weight (with %)

Health insurance

58,627,492.69

23.38%

40,389,014.36

45.73%

Property insurance against fire and other risks

26,405,454.65

10.53%

1,686,877.34

1.91%

Vehicle insurance

15,166,715.68

6.05%

9,739,673.87

11.03%

Air traffic insurance

11,739,103.05

4.68%

200,000.00

0.23%

Maritime traffic insurance

5,672,165.84

2.26%

18,000.00

0.02%

Civil liability insurance of air transport owners

4,264,508.43

1.70%

0.00

0.00%

Types of compulsory insurance

Insurance charges

Specific weight (with %)

Insurance payments

Specific weight (with %)

State insurance of military servicemen

16,472,702.00

6.57%

7,345,135.00

8.32%

State insurance for employees of law enforcement bodies and courts

10,934,244.00

4.36%

714,949.00

0.81%

Property insurance

18,709,180.98

7.46%

1,046,030.71

1.18%

Compulsory motor-vehicle liability insurance

57,990,143.72

23.12%

25,223,647.04

28.56%

Total (non-life insurance)

250,777,887.14

88,314,568.21

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