Non-Life keeps leadership in Azerbaijani insurance market

Business Materials 19 August 2010 17:26 (UTC +04:00)

Azerbaijan, Baku, Aug. 19 / Trend A.Akhundov /

There were many premiums on life insurance worth 534,470 manat with payments at 32,800 manat, in a structure for Life-insurance in Azerbaijan in January-July of 2010, the Azerbaijani Finance Ministry reported. Premiums on life insurance amounted to 318,190 manat with payments at 186,480 manat.

Total premiums on life insurance amounted to 852,660 manat with payments at 219,280 manat.

Major part of Non-Life insurance falls to property insurance - premiums worth 49.92 million manat and payments worth 11.18 million manat. Individual insurance premiums hit 19.89 million manat with payments worth 10.61 million manat, liability insurance - 6.5 million manat with payments at 76,790 manat, credit insurance - 123,910 manat with payments worth 202,790 manat.

Total premiums for other kind of insurance amounted to 69.81 million manat with payments at  21.79  million manat.

The structure of compulsory insurance premiums on state individual insurance of military men hit 7.92 million manat with payments worth 3.88 million manat, fire insurance - 4.26 million manat million with payments worth 72,010 manat, public individual insurance of judicial staff - 2.87 million manat with payments at 476,690 manat, liability insurance of vehicle owners - 2.33 million manat with payments at 363,750 manat, insurance of civil servants - 93,080 manat with payments at 9,820 manat.

Total premiums for compulsory insurance for the reporting period totaled 17.9 million manat with payments at 4.8 million manat.

The total premiums of all companies operating in the country is 88.56 million manat, and payments - 26.81 million manat. Total premiums decreased by 21.64 percent (113.02 million manat), payments reduced by 8.15 percent (29.19 million manat).

The ministry's report for January-July does not reflect the results of the reinsurance company Az RE.

The official exchange rate is 0.8038 manat to $1 Aug. 19.

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