Azerbaijan sees 11% growth in insurance market year-on-year

Azerbaijan sees 11% growth in insurance market year-on-year
# 15 April 2011 10:49 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Azerbaijan-based insurers collected AZN 49.129 mln insurance premium in January-March, 2011, up 11% from year earlier.

According to Ministry of Finance, the payments on insurance risks rose 26.2% to AZN 12.975 mln.

AZN 818.555 thousand of premiums came from life insurance, AZN 36.052 mln – from non-life insurance and AZN 13.248 mln – from compulsory insurance types.

At the same time, AZN 16.933 thousand of payments went to life insurance, AZN 10.966 mln – to non-life insurance and AZN 1.992 mln – to compulsory insurance types.

Besides, most of premiums came from Health insurance (AZN 12.543 mln), Vehicle insurance (AZN 8.045 mln), Property Fire Insurance (AZN 4.391 mln).

Most of payments went to Health Insurance (AZN 3.874 mln), Vehicle insurance (AZN 3.191 mln) and state compulsory personal insurance of military personnel (AZN 1.551 mln).

Note that, 28 insurance companies operate in Azerbaijan.
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