Voluntary property insurance in Azerbaijan ensures half of fees

Business Materials 12 January 2012 18:25 (UTC +04:00)

Azerbaijan, Baku, Jan. 12 / Trend A.Akhundov /

A half of the premiums of Azerbaijani insurance companies or 106.475 877.02 was collected on the types of voluntary property insurance in 2011. The payments for these types hit 29.936.702.04 manat, or 48.6 percent of all refunds.

This is mentioned in the Azerbaijani Finance Ministry's report on the insurers' activity in 2011.

The premiums foe vehicle insurance hit 44.864.761.53 with payments worth 15.808.847.58 manat in the structure of fees on voluntary property insurance, as well as property insurance against fire and other risks - 29.757.270.85 manat with payments worth 3.735.288.91 manat, aircraft insurance - 15.551.187.7 manat with payments worth 9.037.499.24 manat, cargo insurance - 12.752.013.91 manat with payments worth 1.147.434.71 manat.

About manat fell to liability insurance in 2011 with payments worth 550.806.75 manat, credit insurance - 137.730.52 manat with payments worth 28.657.82 manat, mixed insurance of financial risks - 1.641.97 manat without payments.

Most fees for voluntary life-insurance in Azerbaijan in 2011 fell to the premiums on accumulative life insurance to the amount of with payments worth 26.271 manat.

The premiums for accidental death amounted 1.450.493.05 manat with payments of 151.359.22 manat

Total premiums on voluntary life insurance amounted to 3.652.743.38 manat with payments of 177.630.22 manat.

Premiums for personal insurance amounted to 36.702.639.87 manat with payments of 20.981. 094.27 manat. Premiums for insurance against accidents and illnesses amounted to manat with payments of 1.707.750.62 manat and health insurance 28.413.598.77 manat with payments of 19.273.343.65 manat.

The total volume of premiums on voluntary insurance in this period amounted to 157.348.151.1 manat (73.88 per cent of total volume of premiums) with payments worth 51.497.260.88 manat (83.64 percent).

The total premiums of 28 companies operating in the country as of Jan. 1 amounted to 212.98 million manat (36.89 -percent increase per year), and payments - 61.57 million manat (14.38 -percent increase).

Fidan Sıgorta's license for insurance activity was temporarily suspended in August 2011. So, it is not entitled to conclude new contracts.

The report of the Azerbaijani Finance Ministry for 2011 does not include the results of the only reinsurance company AzRE's activity.

The official exchange rate is 0.7863 manat to $1.