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Azerbaijani insurance market increases 30%

24 September 2011 10:37 (UTC +04:00)

APA-Economics was told at the Ministry of Finance that insurance payment increased 17.5% to AZN 36,318 million.

Life insurance feeâ€™s volume increased for 2,2 times to AZN 2,105 million, but non-life insurance â€“ 17% to AZN 93,940 million. Compulsive insurance volume increased by 74% to AZN 38,391 million.

In the field of payment, life insurance payment reduced 43,4% to AZN 142,032 million, non-life insurance increased by 18.5% to AZN 29,637 million, compulsive insurance payment increased by 15.5% to AZN 6,479 million.

Most insurance fees were collected in the field of car insurance (AZN 28,127 million), medical insurance (AZN 21,734 million), fire insurance (AZN 16,789 mln), industrial accident insurance (AZN 14,839 mln), military servicemen insurance (AZN 11,285). Percentage of these insurance fees are respectively 20.9%, 16.2%, 12.5%,11% and 8.4%.

In the payment field, most resources were spent for medical insurance (AZN 12.283 mln or 33.8%), car insurance (AZN 10,443mln or 29%), military servicemen insurance (AZN 4,788 mln or 13.1%), fire insurance (AZN 1,801 mln or 5%).

Currently 27 insurance companies are operating in Azerbaijan.