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Azerbaijan sees 6% decline in non-life insurance market

17 October 2014 09:33 (UTC +04:00)

Baku. Musa Ahmadov – APA-Economics. AZN 237.3 mln or 75.5% of insurance premiums collected in January-September, 2014, came from non-life insurance, down 5.9% or AZN 14.8 mln from previous year, said the Chairman of Azerbaijan Insurers Association Orkhan Bayramov.

22.4% or AZN 53.2 mln of non-life insurance came from health insurance, 21.6% or AZN 51.3 mln from compulsory automobile insurance, 11.7% or AZN 27.7 mln from casco insurance, 9.7% or AZN 23 mln from property insurance against fire and other perils, 5.6% or AZN 13.4 mln from real estate compulsory insurance.

79.8% or AZN 92.85 mln of payments went to non-life insurance, up 8.6% or AZN 7.35 mln.

37.9% or AZN 35.2 mln of these payments went to health insurance, 22.2% or AZN 20.6 mln to casco, 22.7% or AZN 21.1 mln to compulsory automobile insurance, 6.6% or AZN 6.1 mln property insurance against fire and other perils, 1.7% or AZN 1.5 mln to real estate compulsory insurance.

AZN 39.1 was paid for each AZN 100 insurance premium during the reporting period, while it was AZN 33.9 last year.