Azerbaijan sees 4% decline in premiums from non-life insurance

Azerbaijan sees 4% decline in premiums from non-life insurance
# 22 January 2015 11:56 (UTC +04:00)

Baku. Musa Ahmadov – APA-Economics. AZN 324.2 mln or 75.5% of insurance premiums collected in 2014, came from non-life insurance, down 3.8% or AZN 12.7 mln from previous year, said the Chairman of Azerbaijan Insurers Association Orkhan Bayramov.

22% or AZN 71.3 mln of non-life insurance came from health insurance, 21.7% or AZN 70.3 mln from compulsory automobile insurance, 11.7% or AZN 37.8 mln from casco insurance, 11.2% or AZN 36.4 mln from property insurance against fire and other perils, 5.4% or AZN 17.4 mln from real estate compulsory insurance.

81.8% or AZN 128.55 mln of payments in 2014 went to non-life insurance, up AZN 9.6 mln or 8.1% in annual comparison.

37.5% or AZN 48.1 mln of non-life insurance payments went to health insurance, 22.2% or AZN 28.6 mln to casco, 23.5% or AZN 30.2 mln to compulsory automobile insurance, 5.9 or AZN 7.6 mln to property insurance against fire and other perils, 1.9% or AZN 2.4 mln to compulsory insurance of real estate and other non-life insurance types.

AZN 39.7 was paid for each AZN 100 insurance premium in the reporting period. This figure was AZN 35.3 in 2013.

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