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Azerbaijan's non-life insurance market grows in 9 months 2019

Finance Materials 29 October 2019 18:30 (UTC +04:00)

BAKU, Azerbaijan, Oct. 29

By Eldar Janashvili - Trend:

From January through September 2019, insurance fees for types of insurance other than life insurance amounted to almost 318.3 million manat ($187.2 million) in Azerbaijan, which is 3.22 percent more than in the same period of 2018, Trend reports referring to Azerbaijan’s Financial Market Supervisory Authority (FIMSA).

According to data provided by FIMSA, the share of non-life insurance in the total amount of insurance fees for the above-mentioned period amounted to 60.9 percent.

Payments for the types of insurance other than life insurance exceeded 119.5 million manat ($70.3 million), which is 60.12 percent of all payments. This figure increased by 14.9 percent on annualized basis.

Comparative table of non-life types of insurance with the highest share of fees (January-September 2019):

Types of insurance

Insurance fees (thousand manats)

Share (%)

Insurance payments (thousand manats)

Share (%)

Health insurance

73,201

14

43,323

21.5

Property insurance against fire and other risks

37,873

7.2

1,687

0.8

Vehicle insurance

25,852

4.9

9,148

4.5

Air transport insurance

10,604

2

5,695

2.8

General civil liability insurance

8,915

1.7

0,403

0.2

Third party liability insurance

76,198

14.6

48,701

24.1

State insurance of servicemen

16,236

3.1

2,379

1.2

Compulsory insurance of real estate

28,43

5.4

3,939

2

State insurance of law enforcement officers and courts

13,281

2.5

1,208

0.6

TOTAL

(non-life insurance)

318,284

60.9

119,522

59.3

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Follow the author on Twitter: @eldarjanashvili

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