CTP Becomes Leader in Expected Premiums

For the first time in the insurance market of Azerbaijan compulsory type of insurance was the top prize - the compulsory liability insurance of vehicle owners to third parties (the new CTP) collected 47.22 million manat, which is 2 million more than a recent leader - Voluntary Health Insurance (VHI). Against the background of the activity of car inspection and insurance agents 12 major insurers process predicted before the start of the fiscal year.

In general, the amount of the insurance market of Azerbaijan (28 subsidiaries and a net of reinsurance structures), in January-August, was 228 million 872.6 thousand manat. Growth for the year (up to September 1, 2011 collected 134.44 million manat) was 70.2%. In addition, it means that the amount of premiums per capita is 24.6 manat (over $ 30). Compared to last year there is more than double the growth rate of no small level "insurance consciousness."

While in past years, premium growth was achieved largely at the expense of vehicle insurance and medical insurance, which increase every year and create a sense of non-dimensional material with limited opportunities, this year only after 8 months they almost caught up mandatory life insurance and referred CTP. Thus, according to LCA collected 45.26 million manat, CASCO insurance - 37.01 million manat.

In this case, health insurance and accidents brought AZN 19.15 mln plus 9.47 mln for general and mixed life insurance. Incidentally mentioned positions provided to the insurance market about 70% of all revenues.

The bulk of insurance premiums fell on voluntary insurance - 141.67 million or 61.9% (compared to the previous year 32.8%).

Insurance against accidents in 28 companies received 6.91 million manat, insurance of aircraft - 4.664 million manat (up to half of this figure was only 212 thousand). Premiums on voluntary insurance of civil liability of aircraft owners totaled 2.48 million manat (100-fold increase in comparison to the amount on July 1), cargo insurance - 10.37 million manat, and insurance of ships - 689.48 thousand manat.

General insurance life insurance company received 9.47 million manat (nearly a fivefold increase over the year), liability insurance under property law - 186.66 thousand manat, credit insurance - 46.53 manat.

Voluntary insurance of civil liability of vehicle owners received 1.6 million manat, property insurance against fire - 18.03 million manat, on other kinds of voluntary insurance - 304.7 thousand manat.

Insurance for foreign travel is collected in aggregate 1.53 million manat, insurance of sea transport - 689.48 thousand manats, crop insurance - 304.5, the pet - 135.85 thousand manat.

Voluntary premium for professional liability insurance was 259.51 thousand manat, and the employer's liability was 776.54 thousand manat.

Compulsory insurance collected 87.2 million manat, which ensured the growth of 2.3 times compared to the first half of 2011. Of these, the compulsory insurance of servicemen collected 10.58 million manat, compulsory state insurance judges and law enforcement officers - 3.09 mln.

Compulsory insurance of civil liability of vehicle owners (new CTP) received 47.22 million manat, compulsory insurance of passengers - 121.99 thousand manats, and compulsory property insurance - 6.78 million manat. - 17D-