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Azerbaijan's non-life insurance market grows in 10 months 2019

Finance Materials 28 November 2019 12:33
Azerbaijan's non-life insurance market grows in 10 months 2019

BAKU, Azerbaijan, Nov. 28

By Eldar Janashvili - Trend:

From January through October 2019, insurance fees for types of insurance other than life insurance amounted to over 347 million manat ($204.1 million) in Azerbaijan, which is 5 percent more than in the same period of 2018, Trend reports referring to Azerbaijan’s Financial Market Supervisory Authority (FIMSA).

According to the data provided by FIMSA, the share of non-life insurance in the total amount of insurance fees for the above-mentioned period amounted to 60.8 percent.

Payments for the types of insurance other than life insurance exceeded 134.2 million manat ($78.9 million), which is 59.5 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-October 2019):

Types of insurance

Insurance fees (thousand manats)

Share (%)

Insurance payments (thousand manats)

Share (%)

Health insurance

80,999

14.2

49,598

22

Property insurance against fire and other risks

42,036

7.4

1,832

0.8

Vehicle insurance

28,967

5

10,517

4.7

Air transport insurance

10,617

2

5,695

2.5

General civil liability insurance

10,415

1.9

0,417

0.2

Third party liability insurance

84,463

14.8

54,893

24.4

State insurance of servicemen

16,372

2.9

2,746

1.2

Compulsory insurance of real estate

30,416

5.3

3,939

1.7

State insurance of law enforcement officers and courts

13,377

2.4

1,396

0.6

TOTAL

(non-life insurance)

347,029

60.9

134,241

59.5

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Follow the author on Twitter: @eldarjanashvili

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