Voluntary property insurance accounts for more than one-third of Azerbaijani market

Business Materials 4 December 2012 23:38 (UTC +04:00)

Azerbaijan, Baku, Dec.4 /Trend A.Akhundov/

More than third of premiums of Azerbaijani insurance companies, or almost 94 million manat were collected on types of voluntary property insurance in January-october. Payments for these types amounted to 23.54 million manat, which is 31.2 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 47.09 million manat with payments worth 18.64 million manat, and property insurance against fire and other risks - 25.53 million manat with payments 2.14 million manat, cargo insurance - 13.59 million manat with payments of 0.33 million manat, etc.

Liability insurance accounts for 8.67 million manat with payments of 1.61 million manat, credit insurance - 0.057 million manat with payments of 0.029 million manat on January-October.

Premiums for private insurance totaled 58.63 million manat with payments of 33.88 million manat. Including charges for insurance against accidents and illnesses amounted to 8.7 million manat with payments of 1.29 million manat, voluntary medical insurance - 49.93 million manat with payments of 35.59 million manat, insurance of citizens traveling abroad - 1.42 million manat with payments of 0.17 million manat.

Total premiums for voluntary insurance, excluding life insurance amounted to 162.37 million (57.55 percent of total premiums) with payments of 59.06 million (78.26 percent) for the period.

Total premiums of all companies operating in the country amounted to 282.14 million manat (increase by 57.53 percent during the year), and payments made ​​during the period - 75.46 million manat (increase by 55.49 percent 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 Dec. 4 0.7845 AZN/USD