The Share of New CTP Insurance Market in Azerbaijan Amounted to One-Fifth

The volume of the insurance market of Azerbaijan including 28 companies except the re-insurance company in January-July was 201 million 509.39 thousand manat. This means that the amount of premiums per capita was 21.67 manat (over $ 27.6). Compared to last year, there was twofold increase.

While in past years, premium growth was achieved largely at the expense of vehicle insurance and medical insurance, which increased every year and created a sense of non-dimensional material with limited opportunities, this year just for the 6 months mandatory life insurance and CTP increased significantly. Thus, according to VHI they collected 42.19 million manat, and on CASCO insurance - 31.7 million manat.

Thus on these new items, as CTP at new tariffs, they collected 41.1 million manat, and health insurance and insurance of accidents brought AZN 17.27 million plus 8.48 million for general and mixed life insurance. Incidentally mentioned positions provided to the insurance market about three-quarters (73.5%) of the revenues.

The bulk of insurance premiums fell on voluntary insurance - 126.94 million or 63%. However, this means that the binding species selected their additional 50% compared to last year. By the way, with the full implementation of the law "On compulsory insurance" we expect parity between voluntary and mandatory segments.

Insurance against accidents in 28 companies received 6.09 million manat, insurance of aircraft - 4.64 million manat (a month ago the figure was 212,000). Fees on voluntary insurance of civil liability of aircraft owners totaled 2.43 million manat (100-fold increase in comparison to the amount on July 1), cargo insurance - 9.23 million manat, and insurance of ships - 496.58 thousand manat.

General insurance of life received 8.48 million manat, liability insurance under property law - 165.73 thousand manat, and credit insurance - 41.93 thsd manat.

Voluntary insurance of civil liability of vehicle owners received AZN 1.5 million, property insurance against fire - 15.36 million manat, and other kinds of voluntary insurance - 304.9 thousand manat.

Insurance for foreign travel collected in aggregate 937.91 thsd AZN, insurance of sea transport - 496.58 thousand manat, crop insurance - 282.21 thsd, and pet insurance - 131.16 thousand manat. Collected as voluntary premium were such items as professional liability insurance - 259.51 thousand manat, and the employer's liability - 710.62 thousand manat.

Compulsory insurance collected 74.57 million manat, which is more than twice as many as in the first half of 2011. Of these, the compulsory insurance of servicemen collected 8.16 million manat, the compulsory state insurance of judges and law enforcement - 2.14 million manat. The compulsory insurance of civil liability of vehicle owners (new CTP) received 41.1 million manat, the compulsory insurance of passengers - 121.03 thousand manat, and compulsory property insurance - 5.53 million manat. - 17D-