Baku, Azerbaijan, April 18
by Emin Aliyev - Trend:
Some 23.44 percent (nearly 27.65 million manat) of Azerbaijani insurance companies' premiums were collected on types of voluntary property insurance in January-March 2014.
The payments on these types amounted to 7.42 million manat, about 25.97 percent of all claims, the State Insurance Supervision Service under the Finance Ministry reported on April 17.
A considerable part fell to vehicle insurance premiums to the sum of 8.18 million manat with payments of 6.58 million manat and air transport - 5.45 million manat without payments, as well as insurance of property against fire and other risks- 5.21 million manat with payments of 0.4 million manat and cargo insurance - 3.18 million manat with payments of 118,050 manat, in the structure of charges on voluntary property insurance.
Liability insurance was estimated at 4.92 million manat with payments of 0.27 million manat in January-March 2014.
Personal insurance premiums were estimated at 38.65 million manat with payments of 11.02 million manat. Moreover, charges on accident and disease insurance were estimated at 2.49 million manat with payments of 308,440 manat, voluntary health insurance 35.8 million manat with payments of 10.65 million manat and insurance of citizens traveling abroad 0.37 million manat with payments of 61,450 manat.
Charges on voluntary compared to life insurance amounted to 66.3 million manat (56.22 percent of the total volume of premiums) with payments of 18.44 million manat (64.54 percent) for this period.
In total, the specific weight of premiums on all types of voluntary insurance is estimated at 73.89 percent of insurance charges in the country during January-March 2014 and the share of recoveries at 69.51 percent of the insurers' total payments.
The voluntary insurance market increased by 17.68 percent and the payments by 11.07 percent a year.
As of January-March 2014, the total volume of premiums of all companies operating in the country is estimated at 117.94 million manat (a 15.37 percent growth per year) and the payments for the reporting period amounted to 28.57 million manat (a 12.49 percent growth).
The Finance Ministry's report does not include the results of the activity of the only reinsurance company - AzRE.
The official exchange rate is 0.7843 AZN/USD on April 18.
Translated by NH
Edited by CN