Voluntary property insurance accounts for about quarter of Azerbaijani market

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

Some types of voluntary property insurance account for one-third of the premiums of Azerbaijani insurance companies. Payments for these types amounted to 5 611 439.36 manat which represents 33.73 percent of all refunds.

The figures were stated in a report of the Finance Ministry on insurance companies in January-March 2012, published the day before.

In the structure of the charges on voluntary property insurance, most of the premiums accounted for motor vehicle insurance in the amount of 10 365 620.76 manat with payments of 493.91 4624 manat, as well as property insurance against fire and other risks at 5349 662.61 manat with payments of 479.15 269 manat.

Liability insurance in the January-March 2012 accounts for 1580 375.7 manat with payments of 1 020 819.91 manat, credit insurance - 16 097.85 manat with payments of 4 618.46 manat.

Premiums for personal insurance amounted to 34 362 869.78 manat with payments of 8049 553.58 manat. Including charges for insurance against accidents and illnesses amounting to 2 123 831 manat with payments of 309 890.54 manat on voluntary medical insurance - 32 239 038.78 manat with payments of 7 739 663.04 manat, insurance of citizens traveling abroad, - 252 335.31 manat with payments of 37 107.53 manat.

The total volume of premiums in voluntary insurance other than life in this period amounted to 55 816 854.26 manat (68.37 percent of total premiums) with payments of 14 686 431.31 manat (88.31 percent).

The total volume of premiums of all companies operating in the country amounted to 81.6 million manat in the first quarter of 2012 (growth by 66.17 percent during the year), and payments for the reported period - 16.6 million manat (growth by 28.2 percent)

There aren't outcomes of the only reinsurance company AzRe in the report of the Ministry of Finance of Azerbaijan in January-March 2012.

There are 28 insurance companies operating in Azerbaijan.

Official exchange rate on April 13 is 0.786 AZN/USD.