Azerbaijani insurance body collects over $49.7 mln in first half-year
By Aynur Jafarova
Members of Azerbaijan's Compulsory Insurance Bureau collected over 39 million manats (more than $49.7 million) in the first half of 2013.
The mentioned amount was collected under 498,884 agreements on four types of insurance regulated by the Bureau, the website of the Bureau said on July 29.
The Compulsory Insurance Bureau has been established under the law on compulsory types of insurance. The law, which began to be used by insurance companies on December 16, 2011, regulates four types of compulsory insurance: real estate insurance, liability insurance while exploiting real estate, civil liability insurance of vehicle owners and the private insurance of passengers.
In January-June, the premiums on civil liability insurance of vehicle owners amounted to 32.4 million manats, while those on real estate insurance made up around 6.696 million manats, liability insurance while exploiting real estate - around 175,492 manats, and private insurance of passengers 68,060 manats.
The number of agreements on civil liability insurance of vehicle owners decreased by 5 percent and the volume of insurance charges went down 7 percent compared to the same period of 2012, the bureau said.
The number of agreements on property insurance increased by 21 percent compared to the first half of 2012, and the volume of insurance premiums - by 56 percent, agreements on liability insurance while exploiting real estate by 12 percent, the volume of insurance premiums by 22 percent, agreements on passengers' insurance by 3.8 times and the volume of insurance premiums by 4.46 times.
28 insurance companies and one reinsurance company are operating in Azerbaijan.
The participants of the Compulsory Insurance Bureau are 12 companies - Pasha Sigorta, Ateshgah Sigorta, Standard Insurance, AtaSigorta, Khalg Sigorta, AXA MBASK, AZSIGORTA, Alfa Sigorta, Azersigorta state commercial insurance company, Mega Sigorta, Ipek Yolu Sigorta and Azerbaijan Senaye Sigorta.