Azerbaijan’s voluntary insurance market increases by nearly half
Azerbaijan, Baku, Feb. 18 / Trend A.Akhundov /
In January 2013, over 20 percent (or 10.9 million manat) of Azerbaijani insurance companies' premiums were collected in voluntary property insurance. The payments for these types hit 2.12 million manat, or over 30 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.
There were mainly premiums on vehicle insurance in the structure of fees for voluntary property insurance. They hit 3.81 million manat with payments worth 1.96 million manat. The premiums on air transport insurance amounted to 3.67 million manat without payments, onproperty insurance against fire and other risks hit 1.81 million manat with 0.13 million manat payments, cargo insurance - 0.95 million manat with payments of 2,300 manat, etc.
Some 3.38 million manat with payments of 0.12 million manat fell to liability insurance in 2012, whereas premiums on credit insurance hit 3,920 n manat without payments.
The premiums on private insurance totaled 27.27 million manat with payments of 2.23 million manat. The fees on insurance against accidents and illness hit 0.68 million manat with payments of 0.08 million manat, voluntary medical insurance - 25.69 million manat with payments of 2.15 million manat, insurance of citizens traveling abroad - 0.1 million manat with payments at 0.017 million manat.
The fees on voluntary insurance differing from life in this period amounted to 41.55 million manat (77.1 percent of total volume of premiums) with payments of 4.47 million (63.86 percent).
In general, the share of premiums for all types of voluntary insurance totaled 90 percent of the insurance premiums in the country in January 2013, and the share of compensation hit 65 percent of insurers' total payments. The voluntary insurance market increased by 44.67 percent, and payments - by 12.9 percent per year.
Total premiums of all companies operating in the country hit 53.92 million as of January 2013 (annual growth of 45.72 percent), and payments made during the period hit 7 million manat (an increase of 59 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 for Feb.18 is 0.7847 AZN / USD.