Azerbaijani voluntary insurance market grows by almost 28 percent

Business Materials 25 November 2013 11:48 (UTC +04:00)

Baku, Azerbaijan, Nov. 25/

Abbas Akhundov - Trend:
Over 37 percent (124.75 million manat) of Azerbaijani insurance companies' premiums were collected on types of voluntary property insurance in January-October of 2013. Payments on those types amounted to 28.24 million manat (about 28.24 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 47.198 million manat with payments of 22.23 million manat, air transport - 11.17 million manat with payments of 1357.43 manat, as well as on insurance of property from fire and other risks- 37.47 million manat with payments of 2.52 million manat and cargo insurance- 12.87 million manat with payments of 158,850 manat etc.

Liability insurance cost was estimated at 12.93 million manat with payments of 0.57 million manat in January-Ocotber of 2013.

Personal insurance premium costs were estimated at 64.01 million manat with payments of 38.22 million manat. Moreover, charges on accident and disease insurance was estimated at 8.83 million manat with payments of 1.23 million manat, voluntary health insurance 55.18 million manat with payments of 37 million manat and insurance of citizens travelling abroad -1.61 million manat with payments of 0,25 million manat.

Charges on voluntary insurance other than life were amounted to 188.76 million manat (55.9 per cent of the total premiums) with payments of 66.46 million manat (67.15 per cent) for this period.

In total, the specific weight of premiums on all types of voluntary insurance is estimated at 66.1 per cent of insurance charges in the country during January-Ocotber of 2013 and the share of recoveries at approximately 70 per cent of insurers' total payments. The voluntary insurance market has grown by 27.77 per cent and the payments by 10.94 per cent for a year.

As of JanuaryOctober of 2013, total number of premiums for all the companies operating in the country is estimated at 337.65 million manat (19.67 per cent growth for a year) and the payments for reporting period amounted to 98.97 million manat ( 31.16 per cent growth).
The report by the Ministry of Finance doesn't include the outcomes of activities of the only reinsurance company - AzRE.
The official exchange rate on November 25 is 0.7843 AZN / USD.