Gross premiums collected local insurers in January-March totaled 117 million 942.68 thousand manats (15.3 % compared with the first quarter last year).
According to the State Insurance Supervision Service of the Ministry of Finance , the majority of them (73.9 % ) accounted for voluntary insurance , which has collected 87 million 139.4 thousand manats . The highest rates are for developing life insurance. Premiums in this segment for the year increased 72.1 %, amounting to 20.84 million manats or almost one sixth of all charges.
The leader of the market is voluntary health insurance with 35 million 795 thousand manats, which is twice as much life insurance (17.61 million). In the third place on premiums is mandatory liability insurance of vehicle owners to third parties (CTP) - 12 million manat. Due to this position, as well as insurance against accidents and diseases at work (9.84 million), mandatory insurance also rose (+9.3 % per year), reaching 30.8 million manat.
The payout ratio to premiums is 24.2 %, which is much better than in the old days , when insurers chased profit. For all contested cases paid 28.6 million manat.
The largest payout in the segment VHI (10.65 million) is due to the corporate tandem of Pasha Sigorta and SOCAR. - 17D-
Economics
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The weaknesses of strategic planning in the Azerbaijani land transport sector were revealed during a briefing on improving legislation, which was attended by representatives of the Azerbaijan Land Transport Agency (AYNA) and the Ministry of Digital Development and Transport.
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The Cabinet of Ministers of the Republic of Azerbaijan has made changes to the existing provisions regarding the approval of construction documentation and the service fees for construction. The amendments are guided by Article 119 of the Constitution of Azerbaijan and are aimed at simplifying processes related to construction permits and operations.
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The Cabinet of Ministers of the Republic of Azerbaijan has approved a new procedure for the recruitment of medical personnel to medical institutions included in the state healthcare system. The decision, which comes into force on January 1, 2025, aims to enhance the implementation of compulsory health insurance in the country.
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The Organization of Turkic States (OTS) convened a pivotal meeting in Guba, recently named the agricultural capital, to introduce the "OTS Made" brand for agricultural products. Representatives from the Ministries of Agriculture of Azerbaijan, Turkey, Uzbekistan, Kazakhstan, and the Turkish Republic of Northern Cyprus, along with experts from relevant departments, participated in the event.
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