Azerbaijani insurers recommended 20-percent deductible on voluntary health insurance

Business Materials 21 July 2011 18:32 (UTC +04:00)

Azerbaijan, Baku, July 21 / Trend, A.Akhundov /

The Azerbaijani Insurers Association (AIA) has advised insurance companies dealing with health insurance to introduce a 20-percent deductible for examination and treatment.

"As a result, reducing the number of unnecessary appeals by introducing deductibles for medical examination and treatment, the amount of insurance payments significantly reduces," AIA Executive Director Azer Aliyev told Trend.

The AIA has studied the local market of voluntary health insurance and based on them has made recommendations regarding medical insurance.

"Given business conduct cost of insurance company and insurance payments, the recommended price of voluntary health insurance for corporate clients is 509 manat," Aliyev said.

He said the recommended prices were calculated based on insurance payments for 2010.

The AIA recommends that underwriters should take into account the annual increase in insurance payments on this type of insurance by 15-20 percent when calculating the cost of the voluntary health insurance policy.

The AIA analyzed the market analysis based on statistical data provided by insurance companies and the State Insurance Supervision Service under the Finance Ministry. Information obtained as a result of the studies, covers the interests of 15 out of 28 insurance
companies operating in Azerbaijan, which are directly involved in the voluntary health insurance, as well as health care institutions and the insured peoples.

The official exchange rate is 0.7864 manat to $1 on July 21.