Finance

Finance

Azerbaijan increases premiums, declines payments in non-life insurance market

25 January 2016 09:46 (UTC +04:00)

Baku. Musa Ahmadov – APA-Economics. 326.4 mln or 73.7% of insurance premiums collected in 2015 came from non-life insurance, up 0.7% from previous year, said the head of Azerbaijan Insurers Association Orkhan Bayramov.

23.6% or AZN 76.2 mln of non-life insurance came from compulsory vehicle insurance, 22.3% or AZN 72.9 mln from health insurance, 10.7% or AZN 34.9 mln from property insurance against fire and other perils, 8.7% or AZN 28.3 mln from casco insurance, 7.8% or AZN 25.3 mln from real estate compulsory insurance, 26.9% or AZN 89 mln from other non-life insurance types.

71% or AZN 128 mln of payments in the reporting period went to non-life insurance, down 0.4% in annual comparison.

40% or AZN 51.3 mln of non-life insurance payments went to health insurance, 26.1% or AZN 33.4 mln to compulsory automobile insurance, 18.5% or AZN 23.7 mln to casco, and 14.4% or AZN 19.6 mln to other non-life insurance types.

AZN 39.2 was paid for each AZN 100 insurance premium. It was AZN 39.7 in 2014.