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Insurance premiums on casco decline 33%, payments rise 3%

18 December 2014 11:48 (UTC +04:00)

Baku. Musa Ahmadov – APA-Economics. In January-November, 2014, most growth among the insurance types was recorded in the loan insurance.

According to chairman of Azerbaijan Insurers Association Orkhan Bayramov, the premiums on this type of insurance rose 10.3 times to AZN 1.2 mln. The second place was held by insurance of farm animals with AZN 1.95 mln, up 4.3 times from previous year.

The premiums on death insurance tripled to AZN 15.3 mln, on living insurance rose 36.2% to AZn 48.6 mln, incurable diseases – 2.5 times to AZN 343,000, personal accident and diseases – A0.9% to AZN 9.95 mln, health insurance – 7.4% to AZN 61.3 mln, travel insurance – 12.3% to AZN 1.96 mln, insurance against accidents at work – 19.9% to AZN 27.6 mln, compulsory insurance of real estate – 31.5% to AZN 16.1 mln, compulsory insurance civil liability related to exploitation of real estate – 11.2% to AZN 370,000, compulsory personal accident insurance of passengers – 92.5% to AZN 145,000.

Premiums on voluntary insurance of civil liability of vehicle owners decline 54.6% to AZN 867,000, insurance against employees fraud fell 43.7% to AZN 567,000.

Property insurance against fire and other perils dropped 25.7% to AZN 30.4 mln, compulsory insurance of civil liabilities of vehicle owners went down 0.6% to AZN 64.8 mln, casco insurance slipped 33.4% to AZN 34.5 mln.

Regarding insurance payments, most of payments went to insurance water transport facilities. These payments rose 111 times to AZN 94,000. Loan insurance rose 12.7 to AZN 73,000.

Payments o death insurance soared 5.2 times to AZN 1.13 mln, living insurance surged 10.9 times to AZN 23.6 mln, personal accident and diseases – 9.7% to AZN 1.4 mln, medical insurance – 5.4% to AZN 44.2 mln, property insurance against fire and other perils grew 2.5 times to AZN 7.15, casco insurance – 2.9% to AZN 25.8 mln, insurance against accidents at work – 85.4% to AZN 2.1 mln, real estate compulsory insurance – 39.4% to AZN 1.8 mln, compulsory insurance of civil liabilities of vehicle owners – 15.4% to AZN 27.2 mln.

Most declines on insurance payments was recorded in insurance against employees fraud (100%). The payment on compulsory insurance of civil liabilities of vehicle owners fell 70.5 times to AZN 8,000, travel insurance dropped 12.6% to AZN 239,000.