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Azerbaijani voluntary insurance market grows by over quarter

Business Materials 17 December 2013 11:22

Baku, Azerbaijan, Dec. 17/
Emin Aliyev - Trend:

36.61 percent (135.04 million manat) of Azerbaijani insurance companies' premiums were collected on types of voluntary property insurance in January-November, 2013. Payments on those types amounted to 31.51 million manat (about 28.52 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 51.81 million manat with payments of 25.05 million manat, air transport - 11.21 million manat with payments of 1357.43 manat, as well as on insurance of property from fire and other risks- 40.96 million manat with payments of 2.87 million manat and cargo insurance- 14.11 million manat with payments of 175,290 manat etc.

Liability insurance cost was estimated at 13.45 million manat with payments of 0.65 million manat in January-November 2013.

Personal insurance premium costs were estimated at 66.97 million manat with payments of 43.23 million manat. Moreover, charges on accident and disease insurance was estimated at 9.86 million manat with payments of 1.31 million manat, voluntary health insurance 57.1 million manat with payments of 42 million manat and insurance of citizens travelling abroad -1.75 million manat with payments of 0,27 million manat.

Charges on voluntary insurance other than life were amounted to 202.01 million manat (54.76 per cent of the total premiums) with payments of 74.74 million manat (67.65 per cent) for this period.

In total, the specific weight of premiums on all types of voluntary insurance is estimated at 65.83 per cent of insurance charges in the country during January-November, 2013 and the share of recoveries at 69.81 per cent of insurers' total payments. The voluntary insurance market has grown by 25.6 per cent and the payments by 15.12 per cent for a year.

As of January-November, 2013, total number of premiums for all the companies operating in the country is estimated at 368.88 million manat (17.86 per cent growth for a year) and the payments for reporting period amounted to 110.48 million manat ( 33.85 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 Dec. 17 is 0.7844 AZN / USD.

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