Share of voluntary life insurance exceeds 0.5 percent in Azerbaijan

Business Materials 15 July 2011 16:10 (UTC +04:00)

Azerbaijan, Baku, July 15 / Trend A.Akhundov /

Premiums on accumulative Life-insurance in the amount of manat with payments of 13,190 manat occupied the main share in the structure of voluntary Life-insurance premiums in January-June in Azerbaijan, the Azerbaijani Finance Ministry reported.

Premiums on life insurance amounted to 460.214.95 manat with payments of 113.906.31 manat.

Total premiums on voluntary life insurance amounted to 1.519.500.67 million manat (1. 55 percent of total fees) with payments of 127.096.31 manat (0.48 percent).

Major part of Non-Life insurance falls to property insurance - premiums worth 46.802 million manat and payments worth 12.041 million manat. Liability insurance hit 5.108 million manat with payments at 1.10 million manat, credit insurance - 69.062 manat with payments worth 8.083.5 manat and mixed insurance of financial risks - 1.363.97 manat without payment.

Premiums for personal insurance amounted to 20.696 million manat with payments of 9.939 million manat. Premiums for insurance against accidents and illnesses amounted to 3.627 million manat with payments of 657 .716 manat and health insurance 17.068 million manat with payments of 9.281 million manat.

Total premiums for other kind of insurance amounted to 67.498 million manat (68.68 percent of the total figure) with payments at 21.981 million manat (82.2 percent).

The structure of compulsory insurance premiums on state individual insurance of military men hit 7 .308.161 manat with payments worth 3.489.460 manat, fire insurance - 4.279 million manat with payments worth 248.594 manat, public individual insurance of judicial staff - 2.019.280 manat with payments worth 380.513 manat, liability insurance of vehicle owners - 2.229 million manat with payments worth 432.733.14 manat, insurance of civil servants - 3.841 manat with payments at 2.189 manat. The structure of compulsory insurance premiums on state insurance of auditors' liability - 7.082.96 manat without payment, insurance of passengers - 343.747.93 manat with payments of 4.100 manat, environmental insurance - 73.246.58 manat without payments

The total premiums of all companies operating in the country amounted to 98.276 million manat (27.83 -percent increase), and payments - 26.742 million manat (18.9 -percent increase).

The report does not specify the outcome of a single reinsurance company Az RE.
Azerbaijan operates 28 insurance companies, including three Life- companies