Azerbaijan`s voluntary insurance market grows more than 13 percent a year
Baku, Azerbaijan, Feb. 17
by A.Akhundov- Trend:
Nearly 19.62 percent (nearly 12 million manats) of Azerbaijani insurance companies' premiums were collected on types of voluntary property insurance in January, 2014. Payments on these types amounted 2.29 million (about 28.36 per cent of all recoveries), the State Insurance Supervision Service under the Ministry of Finance reported on Feb. 15.
In the structure of charges on voluntary property insurance, a considerable part was on transport insurance to the sum of 3.33 million manat with payments of 2.05 million manat, air transport - 5.51 million manat without payments,, as well as on insurance of property from fire and other risks- 1.86 million manat with payments of 0.21 million manat and cargo insurance - 1.05 million manat with payments of 22,310 manat, etc.
Liability insurance cost was estimated at 2.65 million manat with payments of 0.14 million manat in January 2014.
Personal insurance premium costs were estimated at 28.5 million manat with payments of 2.48 million manat. Moreover, charges on accident and disease insurance was estimated at 0.92 million manat with payments of million manat, voluntary health insurance 93,140 manat with payments of 27.58 million manat with payments of 2.39 million manat and insurance of citizens traveling abroad 0.11 million manat with payments of 1,900 manat.
Charges on voluntary insurance other than life were amounted to 43.25 million manat (70.75 per cent of the total premiums) with payments of 4.91 million manat (60.76 percent) for this period.
In total, the specific weight of premiums on all types of voluntary insurance is estimated at 90.23 per cent of insurance charges in the country during January, 2014 and the share of recoveries at 70.6 percent of insurers' total payments. The voluntary insurance market has grown by 13.54 percent and the payments by 24.84 percent a year.
As of January, 2014, total number of premiums for all the companies operating in the country is estimated at 61.131 million manat (13.38 percent growth for a year) and the payments for reporting period amounted to 8.076 million manat (15.37 percent 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 Feb.15 was 0.7844 AZN / USD.
Translated by S.I.
Edited by C.N.