Azerbaijan’s non-life insurance market grows

Baku, Azerbaijan, June 21

By Anvar Mammadov - Trend:

In January-May 2018, insurance fees for types of insurance other than life insurance amounted to 192.91 million manats in Azerbaijan, which is 30.4 percent more than in the same period last year, says the report of the Financial Markets Supervision Chamber.

The regulator agency said that the share of non-life insurance in the total amount of insurance fees for the above-mentioned period amounted to nearly 55 percent.

Payments for the types of insurance other than life insurance reached 58.42 million manats (59.9 percent of all payments). This figure increased by 19 percent over the year.

Comparative table of non-life types of insurance with the highest specific weight of fees (January-May 2018):

Types of insurance

Insurance fees (in thousand manats)

Specific weight (in %)

Insurance payments (in thousand manats)

Specific weight (in %)

Health insurance

53,221.1

27.6%

26,380.9

45.2%

Property insurance against fire and other risks

27,793.6

14.4%

443.2

0.8%

Vehicle insurance

10,825.8

5.6%

3,673.3

6.3%

Air transport insurance

5,280.1

2.7%

-

0%

General civil liability insurance

5,564.3

2.9%

809.8

1.4%

Third party liability insurance

34,926.1

18.1%

20,338

34.8%

State insurance of servicemen

16,922.3

8.8%

3,251.1

5.6%

Compulsory insurance of real estate

12,174.4

6.3%

1,439.6

2.5%

State insurance of law enforcement officers and courts

11,304.9

5.9%

900.6

1.5%

TOTAL (non-life insurance)

192,913.9

-

58,422.95

-

There are 21 insurance companies and one reinsurance company in Azerbaijan.

The official rate as of June 21 is 1.7 AZN/USD.

---

Follow the author on Twitter: @Anvar_Mammadov

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