Azerbaijan makes first payment on compulsory real estate insurance

Azerbaijan, Baku, April 13 / Trend A. Akhundov /

The compulsory insurance charges hit 21.1 million manat in Azerbaijan in January-March, or 59.2 percent more a year. Their share in total volume of charges decreased from 27 to 25.85 percent. However, the payments on these types decreased by 11 percent and amounted to 1.77 million manat compared to January-March last year.

This is stated in the Azerbaijani Finance Ministry's report on the activity of insurance companies in January-March 2012.

Azerbaijan has started implementing a new law on "Mandatory types of insurance" since December 16, 2011. According to it, new compulsory insurance types were introduced for the Azerbaijani market - compulsory real estate insurance, civil liability while using real estate.

The sum insured on compulsory motor vehicle liability insurance and passenger insurance was increased.

The companies included in the compulsory insurance bureau and have the right to engage in these kinds, collected 10.95 million manat in compulsory motor vehicle liability insurance in January-March. This exceeds the figure by 12 times for the same period of 2011. In general, 51.9 percent fees for compulsory kinds and 13.4 percent of all premiums collected in the market during this period fell to compulsory motor vehicle liability insurance in January-March this year.

After the law on "Mandatory types of insurance" entered into force, the basic cost of insurance is 50 manat. It is used in respect of cars with engine capacity up to 1,500 cubic centimeters. If the engine capacity increases (from 1,500 to 5,000 cubic centimeters), the coefficient from 1.5 to 5 are applied to the cost. The coefficient 5 is applied for vehicles with engine capacity of more than 5,000 cubic centimeters. Previously, insurance premium for all cars was 10 manat.

The companies have collected 1.38 million manat and 58,200 manat on compulsory real estate insurance and civil liability while exploiting real estate.

The compulsory insurance bureau was established in Azerbaijan in accordance with the requirements of the law on "Mandatory types of insurance". Meqa Sıgorta insurance company was the last one included in the bureau registry on March 27.

All 10 members of the bureau render services for three types of compulsory insurance, except for compulsory insurance of passengers. The founders of the bureau are six companies - Pasa Sıgorta, Atesgah Sıgorta, Ata Sıgorta, AXA MBASK, Xalq Sıgorta and Standard Insurance. AzSıgorta, Alfa Sıgorta and the Azerbaijani State Insurance Commercial Company joined the bureau later.

At present, the compulsory insurance of passengers in Azerbaijan does not work yet. The only company, which applied for permission to the Azerbaijani Finance Ministry to deal with this type of insurance, is İpek Yolu Sıgorta company (former Azal Sıgorta).

The payments worth 80,000 manat on new compulsory motor vehicle liability insurance were carried out in January-March. About 173,580 manat were paid on insurance policy of the compulsory motor vehicle liability insurance in January-March this year, signed during the period of the old law, which expired in October 2011.

The first payment on compulsory real estate insurance was made in March. The compensation on this kind worth 1,781 manat was paid in January-March. No payments were made on the rest two kinds regulated by the new law.

Three companies having the right to engage in life insurance in Azerbaijan, - Pasa Heyat, Atesgah Heyat and Qala Heyat collected 5.96 million manat in January-March on compulsory insurance and disability resulting from occupational diseases and accidents. This is 18.79 percent less than during the same period of last year. The payments on this type hit 65.39 manat in January-March.

The premiums in the state individual insurance of servicemen hit 2.99 million manat with payments worth 1.27 million manat, the state individual insurance of employees of judicial and law enforcement bodies - 0.84 million manat with payments worth 97,100 manat, auditors' liability insurance - 4.42 manat without payments in the structure of compulsory insurance kinds in January-March 2012.

The total volume of premiums of all companies operating in the country was 81.6 million manat (growth by 66.17 percent per year) and payments worth 16.6 million manat for the reporting period (growth by 28.2 percent) in the first quarter of 2012.

The Azerbaijani Finance Ministry's report for January-March 2012 does not include the outcome of AzRE only reinsurance company's activity.

There are 28 insurance companies in Azerbaijan.

The official exchange rate is 0,786 AZN/USD on April 13.

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