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Azerbaijan sees 3.4% decline in non-life insurance market

16 September 2014 09:01 (UTC +04:00)

Baku. Musa Ahmadov – APA-Economics. AZN 213.5 mln or 75.4% of insurance premiums collected in January-August, 2014 came from non-life insurance, down 3.4% from previous year, said the Chairman of Azerbaijan Insurers Association Orkhan Bayramov.

23.4% or AZN 49.9 mln or premiums came from health insurance, 21.3% or AZN 45.4 mln from compulsory automobile insurance, 11.4% or AZN 24.4 mln from casco, 9.7% or AZN 20.7 mln from property insurance against fire and other perils, 5.5% or AZN 11.7 mln from compulsory insurance of real estate and other non-life insurance types.

80.3% or AZN 83.1 mln of payments during 8 months of 2014 went to non-life insurance, up AZN 8 mln or 10.7% in annual comparison.

37.7% or AZN 31.3 mln of non-life insurance payments went to health insurance, 21.7% or AZN 18 mln to casco, 22.7% or AZN 18.9 mln to compulsory automobile insurance, 7.2% or AZN 6 mln to property insurance against fire and other perils, 1.7% or AZN 1.4 mln to compulsory insurance of real estate and other non-life insurance types.

AZN 38.9 was paid for each AZN 100 insurance fee. It was AZN 34.9 in 2013.