Azerbaijani voluntary insurance market rose by quarter

Azerbaijan, Baku, October 18/ Trend A.Akhundov/

Over 34 percent (103.34 million manat) of Azerbaijani insurance companies' premiums were collected on types of voluntary property insurance in January-September of 2013. Payments on those types were estimated at 25.05 million manat (about 28.3 per cent from all recoveries), the report of the State Insurance Supervision Service under the Ministry of Finance said.

In the structure of charges on voluntary property insurance, a considerable part was on transport insurance to the sum of 42.57 million manat with payments of 19.78 million manat, air transport - 10.22 million manat without payments, as well as on insurance of property from fire and other risks- 36.02 million manat with payments of 2.38 million manat and cargo insurance- 11.66 million manat with payments of 150,150 manat etc.

Liability insurance cost was estimated at 12.31 million manat with payments of 0.52 million manat in January-September of 2013.

Personal insurance premium costs were estimated at 57.48 million manat with payments of 34.1 million manat. Moreover, charges on accident and disease insurance was estimated at 7.6 million manat with payments of 1.07 million manat, voluntary health insurance 49.88 million manat with payments of 33.04 million manat and insurance of citizens travelling abroad -1.53 million manat with payments of 0,22 million manat.

Charges on voluntary insurance other than life were estimated 173.21 million manat (57.1 per cent of the total premiums) with payments of 59.68 million manat (67.41 per cent) for this period.

In total, the specific weight of premiums on all types of voluntary insurance is estimated at 66.75 per cent of insurance charges in the country during January-September of 2013 and the share of recoveries at approximately 70 per cent of insurers' total payments. The voluntary insurance market has grown by 26.48 per cent and the payments by 10.76 per cent for a year.

As of January-September 2013, total number of premiums for all the companies operating in the country is estimated at 303.38 million manat ( 18.36 per cent growth for a year) and the payments for reporting period amounted to 88.53 million manat ( 30.86 per cent of growth).
The report by the Ministry of Finance doesn't include the outcomes of activities of the only reinsurance company - AzRE.

The official course for October 18 is 0,7843 AZN/USD.

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