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Azerbaijan sees 3.5% decline in non-life insurance market

18 November 2014 08:47 (UTC +04:00)

Baku. Parviz Nuriyev – APA-Economics. AZN 271 mln or 76.1% of insurance premiums collected in January-October, 2014, came from non-life insurance, down 3.5% or AZN 9.7 mln from previous year, said the Chairman of Azerbaijan Insurers Association Orkhan Bayramov.

21.8% or AZN 59.1 mln of non-life insurance came from health insurance, 21.7% or AZN 58.8 mln from compulsory automobile insurance, 11.7% or AZN 31.6 mln from casco insurance, 9.9% or AZN 26.8 mln from property insurance against fire and other perils, 5.4% or AZN 14.8 mln from real estate compulsory insurance.

80.6% or AZN 105.9 mln of payments during 8 months of 2014 went to non-life insurance, up AZN 10.3 mln or 10.8% in annual comparison.

37.5% or AZN 39.7 mln of non-life insurance payments went to health insurance, 22.3% or AZN 23.6 mln to casco, 23.3% or AZN 24.7 mln to compulsory automobile insurance, 6.7% or AZN 7.1 mln to property insurance against fire and other perils, 1.6% or AZN 1.7 mln to compulsory insurance of real estate and other non-life insurance types.

AZN 39.1 was paid for each AZN 100 insurance fee. It was AZN 34.1 in 2013.