Baku, Azerbaijan, Sept. 26
By Azad Hasanli – Trend:
Non-life insurance premiums amounted to 231.6 million manats ($137.4 million as of Sept. 26) in Azerbaijan in January-August 2017, the country’s Financial Market Supervisory Authority (FIMSA) said.
FIMSA said the share of non-life insurance in the total volume of premiums was 62.78 percent during the reporting period.
Payment of claims on non-life insurance reached 88 million manats (52.7 percent of all payments).
Comparative table of non-life insurance types with the biggest share on premiums (January-August 2017)
Voluntary types of insurance |
Insurance premiums (manats) |
Specific weight (%) |
Payment of claims (manats) |
Specific weight (%) |
Medical insurance |
62,634,109.16 |
27 |
38,342,955.59 |
43.57 |
Property insurance against fires and other risks |
21,824,591.68 |
9.4 |
1,864,735.27 |
2.1 |
Vehicle Insurance |
14,244,819.22 |
6.15 |
7,392,624.69 |
8.4 |
Insurance of air transportation |
10,069,442.91 |
4.35 |
15,594 |
0.02 |
General Liability Insurance |
15,813,870.88 |
6.8 |
2,171,549.16 |
2.5 |
Compulsory types of insurance |
Insurance premiums (manats) |
Specific weight (%) |
Payment of claims (manats) |
Specific weight (%) |
State insurance of servicemen |
3,915,050 |
1.68 |
3,029,900 |
3.44 |
State insurance of employees of law enforcement agencies and courts |
4,139,665 |
1.8 |
951,014 |
1.1 |
Property insurance |
16,454,785.15 |
7.1 |
2,320,228.13 |
2.6 |
Compulsory insurance of civil liability of vehicle owners |
64,687,862.58 |
27.9 |
28,202,690.48 |
32 |
TOTAL (non-life insurance) |
231,599,802.4 |
100 |
88,010,954 |
100 |
One re-insurance and 22 insurance companies operate in Azerbaijan.