Some 70 percent of Azerbaijani insurance market's premiums falls to non-life-insurance

Business Materials 16 May 2011 10:29 (UTC +04:00)

Azerbaijan, Baku, May 16 / Trend A.Akhundov /

There were many premiums on life insurance worth 837,174 manat with payments of 12,778 manat, in a structure for Life-insurance in Azerbaijan in January-April 2011, the Azerbaijani Finance Ministry reported.

Premiums on life insurance amounted to 308,339 manat with payments of 34,137manat.

Total premiums on voluntary life insurance amounted to 1.145 million manat (1.73 percent of total fees) with payments of 46,915 manat (0.27 percent).

Major part of Non-Life insurance falls to property insurance - premiums worth 26.114 million manat and payments worth 8.669 million manat. Liability insurance hit 3.996 million manat with payments at 81,265 manat, credit insurance - 48,320 manat with payments worth 6,147 manat and mixed insurance of financial risks - 794,030 manat without payment.
Premiums for personal insurance amounted to 16.277 million manat with payments of 5.952 million manat. Premiums for insurance against accidents and illnesses amounted to 2.569 million manat with payments of 375,413 manat and health insurance 13.708 million manat with payments of 5.577 million manat.

Total premiums for other kind of insurance amounted to 46.437 million manat (70 percent of the total figure) with payments at 14.709 million manat (83.23 percent).

The structure of compulsory insurance premiums on state individual insurance of military men hit 3.768 million manat with payments worth 2.264 million manat, fire insurance - 2.886 million manat with payments worth 182.674 manat, public individual insurance of judicial staff - 1.736 million manat with payments worth 205,993 manat, liability insurance of vehicle owners - 1.441 million manat with payments worth 258,152 manat, insurance of civil servants - 3,030 manat with payments at 1,595 manat. The structure of compulsory insurance premiums on state insurance of auditors' liability 2,063 manat without payment, insurance of passengers - 151, 063 manat with payments of 3,600 manat, environmental insurance - 55,265 manat without payments .

The total premiums of all companies operating in the country amounted to 66.342 million manat (23.47-percent increase), and payments - 17.673 million manat (21.27-percent increase).
The report does not specify the outcome of a single reinsurance company Az RE.