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Azerbaijan gets 28% rise in insurance market

14 July 2011 14:30 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based insurance companies have collected AZN 98.276 mln insurance premium, during January-June, 2011, up 28% from year earlier.

According to Ministry of Finance, the payments on insurance accidents rose 19% to AZN 26.742 mln.

The premiums on voluntary insurance types soared 6.9% to AZN 1.520 mln, on non-life insurance â€“ 23% to AZN 67.498 mln, on compulsory insurance types â€“ approximately doubled to AZN 29.259 mln.

Payments on life insurance dropped 23% to AZN 127.096 thousand, on non-life insurance soared 39% to AZN 21.981 mln, on compulsory insurance types â€“ 17% to AZN 4.634 mln.

Most of premiums came from Vehicle insurance (AZN 19.892 mln), Health insurance (AZN 17.069 mln), Compulsory insurance against losing of working ability as the result of occupational diseases and industrial accidents (AZN 12.938 mln) and compulsory insurance of military servicemen (AZN 7.308 mln).

Most of payments went to Health insurance (AZN 9.282 mln), Vehicle insurance (AZN 6.972 mln), compulsory insurance of military servicemen (AZN 3.490 mln) and insurance of air transport facilities (AZN 2.796 mln).

Note that, 28 insurance companies operate in Azerbaijan.