Some 15 percent increase in Azerbaijan`s voluntary insurance market

Photo: Some 15 percent increase in Azerbaijan`s voluntary insurance market  / Business News

Baku, Azerbaijan, March 21
by Emin Aliyev - Trend:

Some 23.18 percent (nearly 21.24 million manat) of Azerbaijani insurance companies' premiums were collected on types of voluntary property insurance in January-February 2014.

The payments on these types amounted to 5.18 million manat, about 27.23 percent of all claims, the State Insurance Supervision Service under the Finance Ministry reported on March 21.

A considerable part fell to vehicle insurance premiums to the sum of 5.82 million manat with payments of 4.58 million manta and air transport - 5.51 million manat without payments, as well as insurance of property against fire and other risks- 3.19 million manat with payments of 0.3 million manat and cargo insurance - 2.06 million manat with payments of 50,470 manat, in the structure of charges on voluntary property insurance.

Liability insurance was estimated at 4.33 million manat with payments of 0.18 million manat in January-February 2014.

Personal insurance premiums were estimated at 33.13 million manat with payments of 6.73 million manat. Moreover, charges on accident and disease insurance were estimated at 1.77 million manat with payments of 219,670 manat, voluntary health insurance 31.37 million manat with payments of 6.51 million manta and insurance of citizens traveling abroad 0.22 million manat with payments of 36,990 manat.

Charges on voluntary compared to life insurance amounted to 54.36 million manat (59.33 percent of the total volume of premiums) with payments of 11.9 million manat (62.57 percent) for this period.

In total, the specific weight of premiums on all types of voluntary insurance is estimated at 78.29 percent of insurance charges in the country during January-February 2014 and the share of recoveries at 67.88 percent of the insurers' total payments.

The voluntary insurance market has grown by 14.99 percent and the payments by 19.76 percent a year.

As of January-February 2014, the total volume of premiums of all companies operating in the country is estimated at 91.62 million manat (16.32 percent growth for a year) and the payments for the reporting period amounted to 19.02 million manat (17.33 percent growth).

The Finance Ministry's report does not include the results of the activity of the only reinsurance company - AzRE.

The official exchange rate is 0.7843 AZN/USD on March 21.

Translated by NH
Edited by SM

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