Average amount of premiums on insurance contract hits 148 manat in Azerbaijan

Azerbaijan, Baku, March 17 / Trend U. Ismayilova /

Azerbaijan concluded 1,051,816 insurance contracts in 2010, head of the State Insurance Supervision Service under the Azerbaijani Ministry of Finance Namik Khalilov said during a conference "Insurance market of Azerbaijan: Problems and Prospects".

The number of insurance claims totaled 100,792 last year, Khalilov said.

He said that as of 2010 the company collected premiums worth 155.586.415 manat, with payments worth 53.829.272 manat. Roughly 16,189 contracts for life insurance, 63,122 contracts - health insurance, 64 939 contracts - insurance of individuals traveling abroad, 410,438 contracts - insurance against accidents and diseases were concluded last year within the terms of private insurance.

Khalilov said that roughly 103,868 contracts on property insurance against fire and other risks, 48,937 - insurance of vehicles, 59,094 - cargo insurance, 391,989 - insurance of liability of owners of vehicles were concluded last year.

As of 2010, the average rate of premiums on one insurance contract was 148 manat and the average amount of payments on one contract - 534 manat.

There are 28 insurance and one reinsurance company, 17 insurance agents - legal entities, 270 insurance agents - physical entities, seven insurance brokers - legal entities and six insurance brokers - physical entities in Azerbaijan.
The organizers of the conference, which involved, in particular representatives of the business sector, were the Association of Insurers of Azerbaijan and the Ministry of Finance.

The development prospects of the insurance sector in the world and Azerbaijan, the insurance legislation, insurance products and contracts, the prospects of life insurance, the role of insurance in risk management were discussed at the conference.

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