Finance

Finance

Payments on compulsory insurance of vehicles may triple this year in Azerbaijan

01 July 2013 12:09 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Azerbaijan's Compulsory Insurance Bureau presents statistical information for 2012-2013 on “Compulsory insurance against civil liability of vehicle owners”, “Compulsory insurance of property”, “Compulsory insurance against civil liability related to exploitation of property”, “Compulsory personal accident insurance for passengers”.

According to APA-Economics, about 916,744 insurance agreements were signed on “Compulsory insurance against civil liability of vehicle owners” in 2012. 692,217 of these are signed for one year, 224,527 – insurance agreements that are signed for a period of 1 month registered in a foreign country for the purpose of transit of vehicles related to the compulsory insurance. It means that 66.7% of registered vehicles have been involved in compulsory insurance.

11,213 of vehicles that have been involved in compulsory insurance are buses, microbuses, 59,326 – trucks, 445 – motorcycles and scooters, 611,485 – cars, 5,185 – tractors, vehicles, used in road construction, forestry and agriculture, 4,563 – trailers.

Last year, AZN 72,024,711-premiums were collected on “Compulsory insurance against civil liability of vehicle owners”. AZN 13,151,880 came from legal entities, AZN 58,872,831 – individuals,

In the structure of payments, AZN 6,823,630.61 was collected by insurance companies in 2012. Of these, AZN 6,664,630.61(97.7%) fell to share of property, AZN 39,000 (0.57%) – compensation for the health, AZN 120,000 (1.76%) – death facts.

In 2012, premiums on “Compulsory insurance against civil liability of vehicle owners” made 85.9% of total premiums on 4 compulsory insurance types.

At the same time, in total 370,718 insurance agreements were signed on compulsory insurance types during the first 5 months of 2013.

274,125 of vehicles have been insured per a year, 96,593 – per month. AZN 5,477,597 came from legal entities, AZN 21,693,223 – individuals.

In January-May of 2013, AZN 8,992,302 insurance payment was realized on 6,458 insurance claims, made against the insurance companies, up 31% compared to last year. 90% of insurance payments, made in 2013, were carried out for insurance agreements concluded in 2012, 10% - for the insurance agreements, concluded in 2013. At the same time, 230 insurance claim is currently under consideration. If this continues, the amount of payments will increase by 3 times compared to 2012 and make over AZN 20 mln by the end of 2013.

The Bureau publicizes the arrangement of 1-year insurance agreements for car brands:

	Car brand	Number of concluded insurance agreements
1	VAZ	267,571
2	Mercedes Bens	112,765
3	Hyundai	36,601
4	Qaz	30,379
5	Opel	24,505
6	Toyota	25,007
7	Ford	15,462
8	Mitsubishi	17,249
9	Nissan	17,712
10	Volkswagen	11,913
11	Kia	15,401
12	BMW	12,280
13	Chevrolet	8,503
14	KamAZ	7,520
15	Daewoo	7,297
16	Others	82,052
	TOTAL	692,217

Moreover, 125,195 insurance subjects were insured on Compulsory insurance of property in 2012. In total, AZN 11,392,973 insurance premiums were collected on this insurance type. AZN 5,012,476 was collected on 45,519 agreements signed within the first 5 months of 2013.

4,854 insurance agreements were concluded on “Compulsory insurance against civil liability related to exploitation of property” in 2012, AZN 334,297 premiums were collected on this type. AZN 151,913 was collected on 1,919 agreements, concluded during the first 5 months of 2013.

At the same time, 363 insurance agreements were concluded on “Compulsory personal accident insurance for passengers” in 2012. AZN 42,280 premiums were collected on 57 agreements during this time.