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Azerbaijan sees decline in non-life insurance market

18 December 2014 08:35 (UTC +04:00)

Baku. Musa Ahmadov – APA-Economics. AZN 291.1 mln or 76% of insurance premiums collected in January-November, 2014, came from non-life insurance, down 4.6% or AZN 14 mln from previous year, said the Chairman of Azerbaijan Insurers Association Orkhan Bayramov.

21% or AZN 61.3 mln of non-life insurance came from health insurance, 22.3% or AZN 64.8 mln from compulsory automobile insurance, 11.9% or AZN 34.5 mln from casco insurance, 10.5% or AZN 30.4 mln from property insurance against fire and other perils, 5.5% or AZN 16.1 mln from real estate compulsory insurance.

81.3% or AZN 116.7 mln of payments during 11 months of 2014 went to non-life insurance, up AZN 9.7 mln or 9.1% in annual comparison.

37.9% or AZN 44.2 mln of non-life insurance payments went to health insurance, 22.1% or AZN 25.8 mln to casco, 23.4% or AZN 27.2 mln to compulsory automobile insurance, 6.1% or AZN 7.1 mln to property insurance against fire and other perils, 1.5% or AZN 1.8 mln to compulsory insurance of real estate and other non-life insurance types.

AZN 40 was paid for each AZN 100 insurance fee. It was AZN 35 in 2013.