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Medical insurance accounts for over 30 percent of Azerbaijan market

Business Materials 21 May 2012 18:58 (UTC +04:00)

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

In January-April 2012, 26.48 percent of the premiums of Azerbaijani insurance companies, or over 30.662 million manat were collected on the types of voluntary insurance of the property. Payments for these types exceeded 9.209 million manat, which accounts for 13.88 percent of all refunds.

This is stated in the report of the Ministry of Finance of Azerbaijan on the basis of the insurers' activities in January-April 2012, published on Monday on the website of the State Insurance Supervision Service under the Ministry.

In the structure of charges on voluntary property insurance most fell to the premium for insurance of motor vehicles in the amount exceeding 16.217 million manat with payments of more than 6.724 million manat, as well as property insurance against fire and other risks - over 8.577 million manat with payments of 765,756 manat, insurance of air transport vehicles - over 228,799 manat with payments of over 258,492 manat, cargo insurance - more than 5.088 million manat with payments of more than 79,047 manat, insurance of water transport vehicles - 282,841 manat with payments of more than 750,461 manat, etc.

Over 1.964 million manat with payments exceeding 1.371 million manat fell to liability insurance in January-April 2012, credit insurance - over 23,846 manat with payments exceeding 4,917 manat.

Premiums for personal insurance exceeded 38.407 million manat with payments of over 12.513 million manat. Charges for insurance against accidents and illnesses exceeded 2.841 million manat with payments of over 372,159 manat, voluntary medical insurance - over 35.566 million manat with payments of over 12.141 million manat, insurance of citizens traveling abroad - over 343,870 manat with payments of over 53,332 manat.

The total volume of premiums on voluntary insurance other than life in this period exceeded 71.059 million manat (61.38 per cent of total premiums) with payments of over 23.100 million manat 180.04 (34.82 percent).

The total volume of premiums of all companies operating in the country was for the first four months of 2012 115.77 million manat (an increase of 74.51 percent during the year), and payments for the reporting were carried out at 26.46 million manat (an increase of 49.75 percent).

The report of the Ministry of Finance of Azerbaijan in January-April 2012 didn't include outcome of the activities of reinsurance company AzRE.

There are 28 insurance companies in Azerbaijan.

The official exchange rate is 0.7858 AZN to $1 on May 21.

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