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Azerbaijan's non-life insurance market grows

Business Materials 25 September 2018 15:59

Baku, Azerbaijan, Sept. 25

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In January-August 2018, insurance fees for types of insurance other than life insurance amounted to 277.17 million manats in Azerbaijan, which is 19.7 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 43.9 percent.

Payments for the types of insurance other than life insurance reached 92.76 million manats (55.02 percent of all payments). This figure increased by 5.4 percent over the year.

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

Types of insurance

Insurance fees (thousand manats)

Specific weight (in %)

Insurance payments (thousand manats)

Specific weight (in %)

Health insurance

62,535.5

22.56%

40,551.5

43.72%

Property insurance against fire and other risks

39,447.6

14.23%

816.2

0.88%

Vehicle insurance

17,286.2

6.24%

5,870.1

6.33%

Air transport insurance

9,880.8

3.56%

246.5

0.27%

General civil liability insurance

10,366.6

3.74%

1,195.3

1.29%

Third party liability insurance

64,853.8

23.4%

33,838.1

36.48%

State insurance of servicemen

16,922.3

6.11%

4,189.0

4.52%

Compulsory insurance of real estate

20,483.7

7.39%

2,169.6

2.34%

State insurance of law enforcement officers and courts

11,637.0

4.2%

1,433.8

1.55%

TOTAL (non-life insurance)

277,170.6

-

92,759.6

-

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

The official rate as of September 25 is 1.7 AZN/USD.

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Follow the author on Twitter: @Anvar_Mammadov

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