Bank Of Baku

Insurance premium collection increases by 32% in Azerbaijan

Insurance premium collection increases by 32% in Azerbaijan
# 15 March 2011 10:09 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Azerbaijan-based insurers earned AZN 32.060 million in premiums during January-February, 2011, up 8.1% compared to a year ago.

The Ministry of Finance said insurers paid AZN 45.483 million for insurance claims, during the same period, up 32.1% from year earlier.

AZN 0.625 mln came from life insurance, AZN 26.461 mln from non-life insurance and AZN 4.974 mln from compulsory insurance types.

Most of premiums came from Health insurance (AZN 7.540 mln), Vehicle insurance (AZN 5.002 mln), Air transport insurance (AZN 4.882 mln), property fire insurance (AZN 2.001 thousand) and Aircraft liability insurance (AZN 1.990 mln).

AZN 0.015 mln went to life insurance, AZN 7.333 mln to non-life insurance and AZN 1.214 mln to compulsory insurance.

Most of payments went to Air transport insurance (AZN 2.753 mln), Vehicle insurance (AZN 2.131 mln) and Health insurance (AZN 1.727 mln).

Note that, 28 insurance companies operate in Azerbaijan.
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