Azerbaijan, Baku, Jan.12 / Trend A.Akhundov /
Roughly 24.4 percent or 51.98 million manat of all Azerbaijani insurance company charges fall to compulsory insurance, the Azerbaijani Finance Ministry reported.
Compulsory insurance charges rose by 66.18 per cent in 2011. 31.28 million manat were collected on compulsory insurance types which accounted for 20.1 per cent of the whole market.
Such growth is related to the start of use compulsory insurance against disability as a result of industrial occupational diseases from Dec.2010. With the deduction of this type charges rose insignificantly - by 5.75 per cent and amounted to 33.08 million manat.
During two weeks - from the start of use in Azerbaijan of a new law on "Compulsory types of insurance" - the companies-members of the bureau on compulsory insurance collected 98,500 manat on compulsory types, regulated by this law as of late 2011.
In the structure of compulsory types of insurance in 2011 premium on state individual insurance of servicemen amounted to 15.865.862 million manat with payments at 7.109.387 million manat, fire insurance - over 7.115.811 million manat with payments at over 588,528 manat, state individual insurance of employees of judicial and law-enforcement bodies - 4.489.812 million with payments at 832,907 manat, insurance of liability of owners of vehicles (before application of a new law "On compulsory types of insurance till expiration of the previous law in mid October 2011) - over 4.343.173 million manat with payments at over 1.008.622 manat, insurance of public servants - 7,634 manat with payments at 6,086 manat, insurance of auditors' liability - over 8,108 manat without payments, insurance of passengers - over 933,642 manat with payments at 4,100 manat, environment insurance - over 103,096 manat with payments at 11,000 manat.
The bureau on compulsory insurance was established in Azerbaijan in accordance with the requirements of the law on "Compulsory types of insurance". The law regulates four types of compulsory insurance - real estate, liability of owners of vehicles, passenger insurance and liability insurance while touching on real estate. Insurance companies started using the law since December 16, 2011.
The total volume of premium of all companies operating in the country amounted to 212.98 million manat (36.89 growth) in 2011 and payment for the period amounted to 61.57 million manat (14.38 growth).
There are 28 insurance companies and 1 reinsurance company in Azerbaijan. At the same time the insurance license of the Fidan Sığorta Company was suspended.
The official exchange rate is 0.7864 AZN to $1 on Jan.12.