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Azerbaijanâ€™s insurance market increases by 40% year-on-year

17 October 2011 10:43 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based insurance companies collected AZN 165.269 mln insurance premiums, during January-September, 2011, up 40% from previous year.

According to Ministry of Finance, the payments on insurance accidents rose 15.1% to AZN 41.190 mln, during the same period.

The premiums on life insurance increased by 2.2 times to AZN 2.379 mln, on non-life insurance â€“ by 30% to AZN 121.720 mln, on compulsory insurance types â€“ by 80% to AZN 41.171 mln.

Payments on life insurance decreased by 45% to AZN 144,455,000, on non-life insurance increased by 16% to AZN 33.761 mln, on compulsory insurance types â€“ by 14.4% to AZN 7.284 mln.

Besides, most of premiums came from Vehicle insurance (AZN 32.442 mln), Health insurance (AZN 23.153 mln), Property Fire insurance (AZN 22.103 mln), Compulsory insurance against losing ability to work as a result of industrial accidents and professional diseases (AZN 16.338 mln) and State compulsory personal insurance of military servants (AZN 11.508 mln).

Most of payments went to Health insurance (AZN 14.251 mln), Vehicle insurance (AZN 11.976 mln), State compulsory personal insurance of military servants (AZN 5.303 mln) and Property Fire insurance (AZN 2.157 mln).

Note that, 27 insurance companies operate in Azerbaijan.