Magazine date:
Mar 2016 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.