Voluntary insurance becomes more popular in Azerbaijan

Business Materials 13 January 2013 14:56

Azerbaijan, Baku, Jan. 13 / Trend I. Khalilova /

In 2012, around 37.87 percent (or 129.708 million manat) of Azerbaijani insurance companies' premiums were collected in voluntary property insurance. The payments for these types hit 28.818 million manat, or 31.77 percent of total compensations, this is stated in the report of the State Insurance Supervision Service under the Ministry of Finance, published on its website on Saturday.

There were mainly premiums on vehicle insurance in the structure of fees for voluntary property insurance. They hit 56.7 million manat with payments worth 22.84 million manat. The premiums on property insurance against fire and other risks hit 37.16 million manat with payments 2.43 million manat, cargo insurance - 16.08 million manat with payments of 0.37 million manat, etc.

Some 10.95 million manat with payments of 1.67 million manat, credit insurance - 0.069 million manat with payments of 0.033 million manat fell to liability insurance in 2012.

The premiums on private insurance totaled 70.21 million manat with payments of 42.46 million manat. The fees on insurance against accidents and illness hit 10.36 million manat with payments of 1.57 million manat, voluntary medical insurance - 59.85 million manat with payments of 40.88 million manat, insurance of citizens traveling abroad - 1.608 million manat with payments at 0.24 million manat.

The fees on voluntary insurance differing from life in this period amounted to 199.92 million manat (58.4 percent of total volume of premiums) with payments of 72.28 million (77 percent).

In general, the share of premiums for all types of voluntary insurance totaled 66.77 percent of the insurance premiums in the country in 2012, and the share of compensation hit 80.25 percent of insurers' total payments. The voluntary insurance market increased by 33.54 percent, and payments - by 45.76 percent per year.

Total premiums of all companies operating in the country hit 342.52 million as of 2012 (annual growth of 60.8 percent), and payments made during the period hit 93.86 million (an increase of 52.45 percent ).

The report of the Azerbaijani Finance Ministry did not include the results of the only reinsurance company AzRE's activity.

There are 28 insurance companies in Azerbaijan.

The official exchange rate is 0,7848 AZN/USD on Jan. 13.