In­surance mar­ket may grow by 40 pct

Azer News - - Nation - By Sara Is­rafil­bay­ova

Azer­bai­jani in­sur­ers ex­pect growth in the coun­try’s in­surance mar­ket by 40 per­cent by the end of the year.

Mustafa Ab­bas­beyli, chair­man of the Azer­bai­jan In­sur­ers As­so­ci­a­tion, said at an event on the sign­ing of a mem­o­ran­dum be­tween the Min­istry of Labour and So­cial Pro­tec­tion of the Pop­u­la­tion, the Fi­nan­cial Mar­ket Su­per­vi­sion Author­ity (FIMSA), the Com­pul­sory In­surance Bureau and in­surance com­pa­nies.

“The in­surance mar­ket of Azer­bai­jan shows sta­ble growth every year. Every year the mar­ket showed a growth of 10 per­cent, but this year shows a growth of 30 per­cent. This is ev­i­dent in the eight months of 2018. There­fore, we ex­pect that by the end of the year the in­surance mar­ket of Azer­bai­jan will reach the fig­ure of 750 mil­lion man­ats ($441.18 mil­lion), which means a 40 per­cent in­crease,” said Ab­bas­beyli.

The head of the As­so­ci­a­tion stressed that the main task fac­ing the in­surance mar­ket of Azer­bai­jan to­day is to achieve pro­por­tional growth of all in­surance types.

“To date, some in­surance types in the coun­try are grow­ing quite ac­tively, but other types of stay­ing on a sta­ble level. We want to achieve a pro­por­tional growth of all types of in­surance. In par­tic­u­lar, our plans in­clude an in­crease in com­pul­sory in­surance against ac­ci­dents at work from the cur­rent 40 mil­lion man­ats ($23.53 mil­lion) to 100 mil­lion man­ats ($58.52 mil­lion), which means 150 per­cent growth for this type of in­surance,” Ab­bas­beyli said.

More­over, Azer­bai­jan will strengthen su­per­vi­sion on in­surance against oc­cu­pa­tional ac­ci­dents, ac­cord­ing to the mem­o­ran­dum of co­op­er­a­tion signed at the meet­ing by Min­istry of La­bor and So­cial Pro­tec­tion of the Pop­u­la­tion, FIMSA, the Com­pul­sory In­surance Bureau, as well as in­surance com­pa­nies Atesh­gah Life, PASHA Life and Qala Life.

Presently, the pen­e­tra­tion rate of in­surance against in­dus­trial ac­ci­dents is 35 per­cent, said FIMSA's CEO Ibrahim Alishov.

"Con­sid­er­ing that, out of 3.3 mil­lion em­ploy­ees, 1.6 mil­lion are in­sured, as a re­sult of the in­te­gra­tion of in­for­ma­tion sys­tems, pen­e­tra­tion of this type of in­surance, as well as fees, will sig­nif­i­cantly in­crease," he said.

The chief ex­ec­u­tive also added that fees for this type of in­surance in 2017 amounted to 33.2 mil­lion man­ats with pay­ments of 4.3 mil­lion manat, and in the 1H018, these fig­ures amounted to 21.3 mil­lion and 1.7 mil­lion re­spec­tively.

Cur­rently, 21 in­surance com­pa­nies are im­ple­ment­ing their ac­tiv­i­ties in Azer­bai­jan.

First top 5 of gen­eral in­surance com­pa­nies in Jan­uary-June 2018 is as fol­lows: Az­erIn­surance (34.91 mil­lion man­ats-$ mil­lion), Atesh­gah (19.69 mil­lion man­ats-$ mil­lion), Mega In­surance (15.23 mil­lion man­ats-$ mil­lion), AtaIn­surance (10.35 mil­lion man­ats-$ mil­lion)

In gen­eral, these eight com­pa­nies had 343.58 mil­lion man­ats ($202.1 mil­lion) or 86.7 per­cent of all pre­mi­ums of in­sur­ers for the re­port­ing pe­riod.

Among the in­surance com­pa­nies in the first half of 2018, PASHA Life In­surance also made the largest pay­ments, re­im­burse­ments of which amounted to 31.65 mil­lion man­ats ($18.61 mil­lion) or 26.5 per­cent of all pay­ments of in­sur­ers.

PASHA In­surance be­came the leader in terms of pay­ments in other types of in­surance (25.46 mil­lion man­ats-$15 mil­lion). Among the five lead­ing in­surance com­pa­nies in terms of the vol­ume of re­funds made in this seg­ment, fol­low­ing the re­sults of the re­port­ing pe­riod also in­cluded: Atesh­gah (9.66 mil­lion man­ats$5.68 mil­lion), Az­erIn­surance (7.85 mil­lion man­ats-$4.62 mil­lion), AXAMbask (4.69 mil­lion man­ats-$2.76 mil­lion) and AzIn­surance (4.17 mil­lion man­ats-$2.45 mil­lion).

In gen­eral, these 8 com­pa­nies paid 102.68 mil­lion man­ats ($60.4 mil­lion) or 86.1 per­cent of all pay­ments of in­sur­ers for the re­port­ing pe­riod.

In­surance against work ac­ci­dents

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