Credit insurance market growing rapidly in Azerbaijan

Baku. 19 June. REPORT.AZ/ In January-May 2015 the most significant growth in insurance market of Azerbaijan was observed by type of credit insurance.Fees for this type of insurance grew by 28.6 times at an annual rate and amounted to 364,9 thousand manats.

Report informs referring to the Azerbaijan Insurers Association (ASA), charges for insurance of water transport increased 7 times and constituted 2 million manats, insurance of farm animals - 6.6 times, amounting to 1.16 million manats.

Fees for life insurance increased by 23.1% to 31.8 mln manats, insurance in the event of terminal illness - 4.7 times to 160 thousand manat, individual insurance of accidents and diseases- by 12.3% to 4.7 mln manats, travel insurance - 8% to 732,7 thousand manats, insurance against accidents at work - 7.5% to 18.8 mln manats, compulsory insurance of property - 2.2 times to 13.4 mln manats, compulsory insurance of civil liability in connection with the operation of real estate - 8.7% to 209,4 thousand manats, compulsory insurance of civil liability of vehicle owners - 19.1% to 30 mln manats, mandatory individual insurance of passengers in the event of accidents - by 15% to 73.5 thousand manats.

For the first 5 months of this year the greatest reduction was observed by type of crop insurance.Fees for this type of insurance decreased by 35.2% and amounted to 204,2 thousand manats.In addition, fees for compulsory insurance of professional liability of auditors declined by 30.3% and amounted to 3,285 manats, compulsory insurance of employer's liability - 24.7% to 353,7 thousand manats.

Fees for life insurance in case of death decreased by 0.1% to 6.6 mln manats, health insurance - 6% to 40 mln manats , insurance of property against fire and other risks - 7.6% or 11.8 mln manats, voluntary insurance of cars - 10% to 12.9 mln manats, voluntary insurance of civil liability of owners of vehicles - 3.6%, or 413,7 thousand manats.

In January-May this year, the most significant growth observed in payments for life insurance.Payments on this type of insurance increased 14 times and amounted to 23.07 million manats.In addition, payment of life insurance in case of death increased by 3.3 times to 1.22 mln manats, crop insurance - 2.7 times to 61.3 thousand manats.

Payments for health insurance rose by 8.3% to 20.6 mln manats, mandatory car insurance - 17.1% to 12.9 mln manats.

For 5 months the greatest reduction of insurance payments recorded for property insurance against fire and other risks.Payments on this type of insurance decreased by 85.4% to 831 thousand manats.In addition, payments for compulsory insurance of civil liability of vehicle owners decreased by 80.9% to 2 million manats, voluntary insurance of civil liability of vehicle owners - 75.9% to 72.7 thousand manats.

Payments for individual insurance accidents and illnesses decreased by 2.6% to 471,3 thousand manats, insurance of travel - 9.2% to 81,6 thousand manats, hull insurance - 8.4% to 10.3 mln manats, compulsory insurance and disability resulting from an accident at work and occupational diseases - 4.7% to 859,1 thousand manats, compulsory insurance of real estate - 53.1% to 407,400 manats.