FIMSA: Mandatory car insurance premiums observe a rise again

11:45 - 30.09.2019


September 30, Fineko/abc. Financial Market Supervision Authority (FIMSA) has published the indicators of the insurance market for Jan-Aug 2019.

According to FIMSA, as a result of the reforms in the tax sphere, there is a decrease in total premiums compared with the relevant term of 2018. The increase is observed due to the reduction of previously proposed tax benefits and restrictions on funds directed for life insurance, but there was growth in both voluntary (1% or AZN 900,000) and compulsory insurance (7% or AZN 8 million).

Thus, the main driver of the growth of voluntary life insurance was health insurance (rise of 14% or AZN 8.8 million) and motor vehicle insurance (rise of 28% or AZN 4.8 million).
Growth in compulsory types of life insurance is observed due to compulsory insurance of vehicle owner’s civil liability (rise of 5% or AZN 3 million) and compulsory insurance of real estate (rise of 24% or AZN 4.9 million). The increase on compulsory motor insurance is linked with electronisation of insurance contracts and rise (approximately 2-fold) in the number of motor vehicles entering the country compared with the same term of 2018.
Although there was a decline in some types of voluntary life insurance, the compulsory insurance against industrial accidents and occupational diseases observed a rise of 14% (AZN 3.9 million).

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