CASCO provides more than 16 percent of Azerbaijani insurance market

Business Materials 22 October 2012 19:01 (UTC +04:00)

Azerbaijan, Baku, Oct 16 /Trend A.Akhundov/

Some 33.42 percent of premiums of Azerbaijani insurance companies, or 85.67 million manat were collected on types of voluntary property insurance in January-September. Payments for these types amounted to 21.4 million manat, which is 31.63 percent of all insurance claims, the Ministry of Finance said.

The structure of fees for voluntary property insurance premiums is as follows CASCO auto insurance in the amount of 42.31 million manat with payments worth 16.7 million manat, and property insurance against fire and other risks - 24.01 million manat with payments 2 million manat, cargo insurance - 11.9 million manat with payments of 0.3 million manat, etc.

Liability insurance accounts for 8.65 million manat with payments of 1.56 million manat, credit insurance - 0.051 million manat with payments of 0.022 million manat on January-September.

Premiums for private insurance totaled 55.37 million manat with payments of 29.97 million manat. Including charges for insurance against accidents and illnesses amounted to 7.34 million manat with payments of 1.1 million manat, voluntary medical insurance - 47.64 million manat with payments of 28.86 million manat, insurance of citizens traveling abroad - 1.3 million manat with payments of 0.16 million manat.

Total premiums for voluntary insurance, excluding life insurance amounted to 149.77 million (58.43 percent of total premiums) with payments of 52.94 million (78.26 percent) for the period.

Total premiums of all companies operating in the country amounted to 256.33 million manat (increase by 55.1 percent during the year), and payments made ​​during the period - 67.65 million manat (increase by 64.23 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 Oct. 22 is 0.785 AZN/USD