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Non-life insurance payments in Azerbaijan grow

Business Materials 22 February 2018 12:11 (UTC +04:00)

Baku, Azerbaijan, Feb. 22

By Anvar Mammadov – Trend:

Non-life insurance premiums amounted to 64.29 million manats in Azerbaijan in January 2018, which is 2.8 percent more than in the same period last year, according to a report of the Financial Market Supervisory Authority (FIMSA).

The report says the share of non-life insurance in total premiums was 77.7 percent during the period.

Payment of claims on non-life insurance reached 11.55 million manats (50.2 percent of all payments). The figure increased by 25.1 percent during the year.

Voluntary types of insurance

Insurance premiums (manats)

Specific weight (%)

Payment of claims (manats)

Specific weight (%)

Medical insurance

39,815.6

61.9

5,501.3

47.6

Property insurance against fire and other risks

3,465.7

5.4

36.9

0.3

Vehicle insurance

2,075.7

3.2

830.8

7.2

Insurance of air transportation

4,253.1

6.6

-

-

General Liability Insurance

1,624.6

2.5

185.5

1.6

State insurance of servicemen

-

-

292.6

2.5

State insurance of employees of law enforcement agencies and courts

-

-

171.1

1

Property insurance

3,550

5.5

62.6

0.5

Compulsory insurance of civil liability of vehicle owners

5,513.5

8.6

4,054.2

35.1

TOTAL (non-life insurance)

64,290.5

-

11,545.9

-

One re-insurance and 21 insurance companies operate in Azerbaijan.

(1.7001 manats = $1 on Feb. 22)

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