Life insurance more buoyant than non life insurance

The ministry of industry and trade has published figures pertaining to the insurance market for 2015. The development of life insurance has attained the rate of 15.3%. This growth is four times as high as that of non life insurance, estimated at 3.7%. In terms of premium volume, life insurers have reported a turnover of 61.2 million USD, compared to 490.3 million USD posted by non life insurers.

The whole business closed the year with an increase of 4.9% at 551.5 million USD. The life, motor and health classes of business have been the driving force of this growth. Non life combined ratio has improved considerably to reach 66%, gaining 5 points in comparison with 2014.