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Azerbaijan sees 24% growth in insurance market in January-April

13 May 2011 13:38 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based insurers collected AZN 66.342 mln insurance premium in January-April, 2011, up 24% from year earlier.

According to Ministry of Finance, the payments on insurance risks rose 22% to AZN 17.673 mln.

Premiums came from life insurance rose 2.3 times to AZN 1.146 mln, from non-life insurance rose 7.4% to AZN 46.437 mln and from compulsory insurance types â€“ soared 87.8% to AZN 18.759 mln.

At the same time, payments on life insurance dropped 46% to AZN 46.916 thousand, on non-life insurance surged 24% to AZN 14.710 mln and on compulsory insurance types â€“ rose 14.1% to AZN 2.916 mln.

Besides, most of premiums came from Health insurance (AZN 13.708 mln), Vehicle insurance (AZN 11.537 mln), Property Fire Insurance (AZN 6.164 mln).

Most of payments went to Health Insurance (AZN 5.577 mln), Vehicle insurance (AZN 4.423 mln) and insurance of air transport facilities (AZN 2.772 mln).