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Azerbaijan's non-life insurance market grows

Finance Materials 20 December 2018 15:49 (UTC +04:00)

Baku, Azerbaijan, Dec. 20

By Taleh Mursagulov – Trend:

In January-November 2018, insurance fees for types of insurance other than life insurance amounted to 351.43 million manats in Azerbaijan, which is 10.62 percent more than in the same period of 2017, Trend reports referring to the report of Azerbaijan’s Financial Market Supervisory Authority (FIMSA).

FIMSA said that the share of non-life insurance in the total amount of insurance fees for the above-mentioned period amounted to 52.93 percent.

Payments for the types of insurance other than life insurance reached 130.47 million manats (58.21 percent of all payments). This figure increased by 11.15 percent for the year.

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

Types of insurance

Insurance fees (thousand manats)

Specific weight (in %)

Insurance payments (thousand manats)

Specific weight (in %)

Health insurance

75,050.1

21.36

55,681.9

42.68

Property insurance against fire and other risks

53,670.8

15.27

2,673.9

2.05

Vehicle insurance

25,817.7

7.35

8,738.2

6.7

Air transport insurance

10,185.7

2.9

246.5

0.19

General civil liability insurance

12,013.2

3.42

1,202.1

0.92

Third party liability insurance

88,417

25.16

48,622.2

37.27

State insurance of servicemen

17,202.3

4.89

4,715.8

3.61

Compulsory insurance of real estate

27,000.3

7.68

3,610

2.77

State insurance of law enforcement officers and courts

12,412.4

3.53

1,895.7

1.45

TOTAL (non-life insurance)

351,434

-

130,469

-

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

(1.7 manats = $1 on Dec. 20)

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Follow the author on Twitter: @TalehMursagulov

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