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Premiums in casco insurance fall 7%, payments drop 4%

18 May 2015 12:26 (UTC +04:00)

Baku. Musa Ahmadov - APA-Economics. The serious growth in the insurance types in January-April, 2015, was recorded in the loan insurance.

According to Azerbaijan Insurers Association Orkhan Bayramov, the premiums from this type of insurance rose 28.6 times to AZN 306,700. Moreover, charges in insurance against incurable diseases increased 7.3 times to AZN 137,200, in the professional liability insurance raised 6.9 times to AZN 516,300.

Premiums from death insurance grew 9.3% to AZN 5.4 mln, personal accident and sickness (medical) insurance 26.9% to AZN 4.1 mln, travel insurance 52.3% to AZN 768,200, property insurance against fire and other perils 1.7% to AZN 8.9 mln, compulsory insurance against occupational disability resulting from occupational accidents and diseases 14% to AZN 14.9 mln, compulsory real estate insurance 2.4 times to AZN 11.1 mln, compulsory insurance of civil liability related to real estate 12% to AZN 181,600, compulsory automobile insurance 21.5% to AZN 22.6 mln, compulsory personal accident insurance of passengers 26.6% to AZN 72,100.

The most serious decline in payments was recorded in the insurance of products of agricultural plants. These premiums fell 31.5% to AZN 203,700. Moreover, premiums on mandatory professional indemnity insurance of auditors fell 30.2% to AZN 2,723, fraudulent acts of employees dropped 13.4% to AZN 226,900.

Premiums in living insurance descended 5.9% to AZN 21.5 mln, health insurance fell 2% to AZN 37.5 mln, voluntary automobile insurance 7.1% to AZN 10.6 mln, voluntary insurance of civil liabilities of vehicle owners 7.1% to AZN 363,300.

The most serious growth in the insurance payments was recorded in the living insurance. These payments increased 11.5 times to AZN 16.3 mln. Moreover, payment on death insurance rose 3.5 times to AZN 942,200, livestock insurance went up 2.8 times to AZN 159,600.

Payments in personal accident and sickness (medical) insurance surged 1% to AZN 378,000, health insurance 14.7% to 16.9 mln, compulsory insurance against occupational disability resulting from occupational accidents and diseases 14.1% to AZN 811,700, compulsory automobile insurance 19.2% to AZN 10.4 mln.

The most serious decline in the insurance payments was recorded in the property insurance against fire and other perils. These payments declined 85.7 to AZN 771,500. Moreover, compulsory insurance of civil liabilities of vehicle owners dropped 80.9% to AZN 2,000, voluntary insurance of civil liabilities of vehicle owners shed 78.9% to AZ 62,300.

Payments on travel insurance descended 19.6% to AZN 68,400, casco insurance slipped 4% to AZN 8.4 mln, compulsory real estate insurance slid 51.5% to AZN 320,100.