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Azerbaijan sees 32% rise in insurance market year-on-year

19 August 2011 08:48 (UTC +04:00)

Baku. Elnur HUseynguluyev â€“ APA-Economics. Azerbaijan-based insurers have collected AZN 116.468 mln insurance premiums during January-July, 2011, up 31.5% compared to a year earlier.

Ministry of Finance says the payments on insurance accidents rose 22% to AZN 32.610 mln.

The premiums on life insurance rose 78.3% to AZN 1.520 mln, non-life insurance â€“ increased by 12% to AZN 78.284 mln, compulsory insurance types â€“ doubled to AZN 36.395 mln.

Payments on life insurance decreased by 40% to AZN 0.133 mln, non-life insurance â€“ rose 23% to AZN 26.795 mln, compulsory insurance â€“ soared 18% to AZN 5.683 mln.

Besides, most of premiums came from Vehicle insurance (AZN 24.004), health insurance (AZN 18.745 mln), compulsory insurance from cases on losing of working ability as a result of accidents and occupational diseases ( AZN 14.530 mln), Property fire insurance (AZN 11.017 mln).

Most of payments went to Health insurance (AZN 11.012 mln), Vehicle insurance (AZN 9.513 mln), state compulsory person insurance of military servicemen (AZN 4.284 mln) and Air transport insurance (AZN 2.893 mln).

Note that, 28 insurance companies operate in Azerbaijan.