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Non-life insurance premiums in Azerbaijan revealed

Business Materials 26 September 2017 16:25 (UTC +04:00)

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.

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