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Azerbaijan sees 30% growth in insurance market

14 June 2011 08:19 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based insurers collected AZN 86.453 mln insurance premium in January-May, 2011, up 29.2% from year earlier.

According to Ministry of Finance, the payments on insurance risks rose 20% to AZN 22.195 mln.

Premiums came from life insurance rose 2.2 times to AZN 1.344 mln, from non-life insurance rose 11% to AZN 58.176 mln and from compulsory insurance types â€“ soared 94.2% to AZN 26.933 mln.

At the same time, payments on life insurance dropped 36% to AZN 77.274 thousand, on non-life insurance surged 22% to AZN 18.465 mln and on compulsory insurance types â€“ rose 12.1% to AZN 3.652 mln.

Besides, most of premiums came from Health insurance (AZN 16.030 mln), Vehicle insurance (AZN 15.522 mln), Compulsory insurance from the situations of losing of labor ability at the result of industrial accidents and occupational diseases (AZN 11.942 mln).

Most of payments went to Health Insurance (AZN 7.437 mln or 34%), Vehicle insurance (AZN 5.749 mln or 26%) and insurance of air transport facilities (AZN 2.787 mln or 13%).

Note that, 28 insurance companies operate in Azerbaijan.