Charges for compulsory insurance in Azerbaijan in January-June amounted to 64.22 million manat, an increase of 2.2 times over a year, their share in total charges increased from 29.77 to 37.9 percent. Payments for these types rose, compared with the first half of last year, by almost 27 percent to 5.88 million manat, the report of the Ministry of Finance of Azerbaijan on the activities of insurance companies in January-June 2012 said on Tuesday.
The companies [numbering 12], members of the Bureau of compulsory insurance and having the right to engage in these types, collected by CTP in January-June 35.19 million manat, which exceeds the figure for the same period of 2011 by 15.78 per cent.
In general, the CTP in the first half of this year accounted for 54.8 per cent of fees for compulsory insurance (7.62 per cent in the corresponding period last year) and 20.77 percent of all premiums collected in the market over this period (2.27 per cent last year).
On compulsory insurance of immovable property, civil liability in the operation of real estate and passenger insurance companies have collected respectively 4.48 million manat (payment for this type amounted to 131,810 manat) 160,160 manat (without payment), 87,370 manat (without payments).
In January-June payments at 925,680 manat were made on new CTP, and on CTP policies, signed during the period of the old law, which expired in October 2011, in January-June this year 372,890 manat were paid.
Three companies that have the right to engage in life insurance in Azerbaijan - Pasha Heyat, Ateshgah Heyat and Qala Heyat - on compulsory insurance of disability resulting from occupational diseases and accidents in the first five months of 2012 collected 15.486 million manat. This is higher than the same period last year by 19.68 percent.
In the structure of compulsory insurance in January-June 2012 premiums for state individual insurance of servicemen were at 6.89 million manat with payments of 3.68 million manat, the state individual insurance of judicial and law enforcement agencies' employees- 1.87 million manat with payments at 324,920 manat, auditors' liability insurance - 7,400 manat without payments, compulsory personal insurance of MPs - 51,350 manat without payments.
The total volume of premiums of all companies operating in the country was, in the first half of 2012, some 169.455 million manat (growth in the year by 72.43 per cent), and payments for the reporting period were mate at 41.44 million manat (growth by 54.97 percent).
The report of the Ministry of Finance of Azerbaijan has not given the results of the only reinsurance company AzRE.
There are 28 insurance companies in Azerbaijan.