Premiums of insurers on voluntary types of insurance for the reporting period have amounted to AZN 71 million 858,8 thousand, which is 21.6% more than in January 2017.
86.8% of all premiums on the market are from this category of insurance. At the same time, life insurance premiums amounted to AZN 16 million 702.6 thousand, premiums other than life insurance – AZN 55 million 156,2 thousand.
Premiums on compulsory insurance in January 2018 have amounted to AZN 10 million 901,2 thousand (a decrease by 6.1%).
In January 2018, insurers have paid AZN 22 million 988,100 for insurance claims, which is 14.2% less than in the same period last year.
Benefits paid by insurers on voluntary types of insurance for the reporting month amounted to AZN 17 million 992,9 thousand (a 21.2% decrease) or 78.3% of all benefits for the whole market. At the same time, life insurance benefits payments amounted to AZN 10 million 995,5 thousand, benefits on insurance other than life insurance – AZN 6 million 997,4 thousand.
Benefits payments on compulsory types of insurance amounted to AZN 4 million 995,3 thousand (an increase by 26.5%) in January 2018.
It is worthy of note that PASHA Sigorta collected the largest amount of premiums among 21 insurance companies in Azerbaijan – AZN 41 million 233,7 thousand in January 2018, but it has the largest amount of benefits payments – AZN 4 million 869,4 thousand.
Sixteen insurance companies in Azerbaijan, which are the members of the Compulsory Insurance Bureau of (ISB) increased premiums collection on compulsory third party car insurance (CTPCI) in comparison with the same period last year by 14.4% up to AZN 5 million 513,5 thousand in January 2018.
In general, CTPCI amounted to 6.7% of insurers’ premiums for the reporting period and 50.6% of premiums on compulsory types of insurance for January 2018.
In January 2018, benefit payments by insurers under CTPCI amounted to AZN 4 million 54,200 (an increase by 32.5%) or 17.6% of all benefit payments of insurers for the reporting month. In general, payments under CTPCI accounted for 81.2% of compensation under compulsory types of insurance in January this year.
CTPCI is one of the three main types of insurance, under which insurers collect premiums in Azerbaijan. Insurers got more premiums than under CTPCI only under health insurance and accumulative life insurance in January 2018.
In 2017, insurers increased premiums under CTPCI by 14.5% up to AZN 92.6 million in Azerbaijan.
The insurance coverage for damage to property is AZN 5,000 under CTPCI, the insurance coverage for damage to health is AZN 5,000 per person, the total limit for one insured event is AZN 50,000. Thus, the maximum amount of insurance coverage under CTPCI may amount to AZN 55,000.
Lada Yevgrashina, G.R.
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