Voluntary property insurance accounts for almost one-third of Azerbaijani market
Azerbaijna, Baku, Aug. 21 /Trend A.Akhundov/
Some 30.85 percent of premiums of Azerbaijani insurance companies, or 62.161 million manat were collected on types of voluntary property insurance in January-July. Payments for these types amounted to 16.082 million manat, which is 32.51 percent of all insurance claims, the Ministry of Finance said.
The structure of fees for voluntary property insurance premiums is as follows auto insurance in the amount of 31.7 million manat with payments worth 12.47 million manat, and property insurance against fire and other risks - 15.36 million manat with payments 1.71 million manat, cargo insurance - 9.23 million manat with payments of 0.16 million manat, etc.
Liability insurance accounts for 7.97 million manat with payments of 1.51 million manat, credit insurance - 0.042 million manat with payments of 0.012 million manat on January-July.
Premiums for private insurance totaled 48.28 million manat with payments of 22.37 million manat. Including charges for insurance against accidents and illnesses amounted to 6.09 million manat with payments of 0.93 million manat, voluntary medical insurance - 42.19 million manat with payments of 21.44 million manat, insurance of citizens traveling abroad - 0.94 million manat with payments of 0.12 million manat.
Total premiums for voluntary insurance, excluding life insurance amounted to 118.45 million (58.78 percent of total premiums) with payments of 39.97 million (80.8 percent) for the period.
Total premiums of all companies operating in the country amounted to 201.509 million manat (increase by 73.01 percent during the year), and payments made during the period - 49.469 million manat (increase by 51.7 manat during the year).
The report of the Azerbaijani Ministry of Finance has not indicated the results of the only reinsurance company AzRE.
There are 28 insurance companies in Azerbaijan.
Official exchange rate on Aug. 21 is 0.7854 AZN/USD