Baku, Azerbaijan, Aug.18
Azad Hasanli - Trend:
Life insurances saw a significant growth on the market of Azerbaijan in January - August 2014 compared to the same period of last year, says the report of Azerbaijan Insurers Association (ASA). With premiums collected increasing by 3.3 times, insurance exceeded 11 million AZN.
"The life insurance from incurable diseases took the second place in terms of the pace of growth. Fees collected for this type of insurance increased by 2.43 times - up to 27,000 AZN for the year," the head of the association said.
Charges on survival insurance increased by 74.7 percent and amounted to 36.1 million AZN. Charges on health insurance saw a 5.6 percent increase and reached 49.9 million AZN.
Insurances against accidents at work increased by 9.3 percent gain and made 22.4 million AZN.
Compulsory insurance of real estate increased by 35.1 percent and amounted to 11.7 million AZN, while compulsory insurance of civil liability in connection with the operation of the real estate had a 10.6 percent increase which made 275,000 AZN.
Mandatory individual insurance of passengers amounted to 85,400 AZN, which is a 26 percent increase.
During January-August insurances against forgery of money and monetary documents, and credit insurances saw the largest decline in fees. Compulsory insurance of civil liability took second place. The fees collected on this type of insurance amounted to 135.6 million AZN, which is a 3.87 percent decline.
Payments for insurance against fire and other risks decreased by 14.2 percent and reached 20.7 million AZN.
Payments on CASCO saw a 35.4 percent decrease and amounted to 20.4 million AZN.
Water transport insurance saw the highest growth in the payment of compensation. Payments on this type of insurance have grown by more than 180 times and reached 94,000 AZN. Insurance on survival holds the second place in the dynamics of payments, with the amount of compensation increased by 9.55 times - up to 17.9 million AZN.
Payments of life insurance increased by approximately 4 times and reached 658,000 AZN. Health insurance saw a 9 percent increase and made 31.3 million AZN, while property insurance against fire and other risks increased by 2.7 times - up to 6 million AZN.
Casco insurance had a 4.5 percent gain, which amounts to 18 million AZN, insurance on accidents at work increased by 2.6 times and reached 1.9 million AZN.
Compulsory insurance of real estate reached 1.4 million AZN, which is a 39.4 percent increase, while compulsory insurance of civil liability of vehicle owners increased by 15.4 percent and made 19 million AZN.
The most significant decline in payments was observed in insurance against fraud employees with a 33.8 times decrease. Payments on 65,600 AZN were made on this type of insurance.
Insurance on plant production of agriculture holds the second place in the decrease dynamics. Payment for this type of insurance declined 17.4 times and amounted to 22,700 AZN.
