BAKU, Azerbaijan, Aug. 31
By Eldar Janashvili – Trend:
The volume of the non-life insurance market in Azerbaijan amounted to 360.1 million manat ($211.8 million) from January through July 2020, which is 2.6 percent more than in the same period of last year, Trend reports citing a report of the Central Bank of Azerbaijan.
In accordance with the report, the companies’ payments on all types of non-life insurance amounted to 84.8 million manat ($49.9 million) in the first seven months of this year or 38 percent out of all payments in the insurance market.
The fees for the reporting period amounted to 275.3 million manat ($161.9 million) or 58.8 percent out of all fees in the insurance market.
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Comparative table of fees and payments on voluntary non-life insurance, from January through July 2020 |
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Kinds of life-insurance |
Fees (in manat) |
Share in non-life insurance (%) |
Payments (in manat) |
Share in non-life insurance (%) |
|
Compulsory third party liability insurance of vehicle owners |
49.7 billion manat ($29.2 billion) |
18 |
29.06 billion manat ($17.09 billion) |
34.3 |
|
Compulsory real estate insurance |
27.2 billion manat ($16 billion) |
9.9 |
2.7 billion manat ($1.6 billion) |
3.3 |
|
State compulsory personal insurance of military personnel |
17.8 billion manat ($10.5 billion) |
6.5 |
1.5 billion manat ($882 million) |
1.8 |
|
State compulsory personal insurance of employees of judicial and law enforcement structures |
14.03 billion manat ($8.2 billion) |
5 |
774.9 million manat ($455.8 million) |
0.9 |
|
Compulsory civil liability insurance for the use of real estate |
230.1 million manat ($135.3 million) |
0.08 |
14.2 million manat ($8.3 million) |
0.02 |
|
Compulsory insurance of passengers against accidents |
75.8 million manat ($44.6 million) |
0.02 |
0 |
0 |
|
Other types of compulsory insurance |
136.9 million manat ($80.5 million) |
0.04 |
0 |
0 |
Today there are 22 insurance companies and one reinsurance company in Azerbaijan, 18 companies of which operate in the field of non-life insurance.
(1 USD = 1.7 AZN on Aug. 31)
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