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Azerbaijan sees 17% year-on-year decline in insurance premium collection

Azerbaijan sees 17% year-on-year decline in insurance premium collection

28 April 2009 13:44 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based insurers earned AZN 42.89 million in premiums during the first quarter, down 16.9% from a year ago.

The Ministry of Finance said insurers paid AZN 10.32 million for insurance claims, up 14.8% from the same period last year.

Premiums from life insurance dropped by 65.3% to AZN 0.25 million, premiums from non-life insurance fell by 22.7% to AZN 35.59 million and premiums from compulsory insurance increased by 46% to AZN 7.05 million.

Insurance claims were increased by 3.6 times, 17.7 times and 1.3% for the above three categories respectively.

Premiums most came from health insurance, motor insurance and aircraft insurance.

Payment most went to motor insurance, health insurance and military servicemen compulsory insurance.

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