News.am
Azeri insurance market dilapidated
14:22 / 08/22/2009
As a result of global crisis Azeri insurance sector slumped,
Zerkalo.az reports.
In H1 2009 collections totaled to 79 890 330 manat, that is 18.38%
less, compared to H1 2008 (97 877 150 manat).
The report says in H1 2009, life insurance collection dropped 2.6
times compared to last year. Life insurance benefits per capita made
0.5% having dropped from 1.06% as of H1 2008.
Car insurance companies reported the largest negative profit.
The economic recession proved Azeri insurance market dependent on
banking sector, that however suffered least.
The reduction of car loan allowances by commercial banks caused
insurance market dilapidation. Vehicle insurance collections downfall
in H1 2009 was set at 14 821 210 manat, that is twice as much as of H1
2008. It reduced vehicle insurance share from 30.26% to 18.52% as of
H1 2009.