Baku, Azerbaijan, Aug.18
Trend:
Life insurances saw a significant growth on the market of Azerbaijan in I HY 2014 compared to the same period of last year, says the report of Azerbaijan Insurers Association (ASA).
With fees increased by 3.5 times, insurances exceeded 9.5 million AZN.
"Liability insurance holds the second place, with charges increased by 2.1 times - up to 400,000 AZN," according to the report.
Charges on survival insurance increased by 73.8 percent and amounted to 32.8 million AZN. Charges on health insurance saw a 5.7 percent increase and reached 45.8 million AZN.
Insurances against accidents at work increased by 10.4 percent gain and made 21 million AZN.
Compulsory insurance of real estate increased by 37.7 percent and amounted to 10.5 million AZN, while compulsory insurance of civil liability in connection with the operation of the real estate had a 14.2 percent increase which made 256,000 AZN.
Mandatory individual insurance of passengers amounted to 85,400 AZN, which is a 26.3 percent increase.
During January-July insurances against forgery of money and monetary documents, and credit insurances see the largest decline in fees. Decline in charges for these types remains at 100 percent as in the previous month.
Charges for insurance against fire and other risks decreased by 8.8 percent and reached 18.5 million AZN.
Charges on CASCO saw a 34.7 percent decrease and amounted to 21.1 million AZN.
Water transport insurance decreased by 3.1 times and made 300 thousand AZN, while compulsory insurance of civil liability of vehicle owners amounted to 37.85 million AZN, which is a 0.28 percent decline.
Water transport insurance saw the highest growth in the payment of compensation. Payments on this type of insurance have grown by more than 180 times and reached 94 thousand AZN. Life insurance holds the second place in the dynamics of payments, with the amount of compensation increased by 3.3 times - up to 500 thousand AZN.
Insurance payments on survival increased by approximately 60 percent and reached 2.55 million AZN. Health insurance saw a 7.3 percent increase and made 27.3 million AZN, while property insurance against fire and other risks increased by 2.75 times - up to 5.9 million AZN.
Casco insurance had a five percent gain, which amounts to 15.8 million AZN, insurance on accidents at work increased by 2.45 times and reached 1.74 million AZN.
Compulsory insurance of real estate reached 1.3 million AZN, which is a 41 percent increase, while compulsory insurance of civil liability of vehicle owners increased by 16.2 percent and made 16.3 million AZN.
The most significant decline in payments was observed in insurance against fraud employees with a nine percent decrease. Payments on 65.6 thousand AZN were made on this type of insurance.
During January-July 2014, some 28 insurance companies of Azerbaijan had collected premiums of 251.7 million AZN, which is a 9.9 percent increase (22.7 million AZN) over the same period of last year.
Insurance payments for the period amounted to approximately 78 million AZN, which is 13.2 percent (9.1 million AZN) more than in January-July of last year.
Azerbaijan has 28 insurance and one reinsurance companies.