Finance

Finance

Azerbaijanâ€™s insurance market rises 38% year-on-year

17 November 2011 07:52 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. The total volume of premiums collected by the operating insurance companies in Azerbaijan in January-October 2011 amounted to AZN 179.097 mln , up 37.5% compared to last year.

The Ministry of Finance told that, during the reporting period, the total volume of payments on insurance events grew by 18% to AZN 48.530 mln.

In this case, the amount of income from life insurance increased by 2.6 times to AZN 2.879 mln, on non-life insurance - 29% to AZN 130.879 mln, on compulsory insurance - 65% to AZN 45.338 mln .

The payments on life insurance declined by 43% to AZN 159.444 thousand, non-life insurance rose 19% to AZN 40.243 mln, on compulsory insurance - by 15.3% to AZN 8.127 mln.

The structure of the greatest contributions to the funds received through the â€œMotor vehicle insuranceâ€ (AZN 36.003 mln), â€œHealth Insuranceâ€ (AZN 23.745 mln), â€œProperty insurance against fire and other risksâ€ (AZN 22.703 mln), â€œOccupational disease and disability due to industrial accidentsâ€ (AZN 17.508 mln) and â€œCompulsory insurance of servicemenâ€ (AZN 12.255 mln). The share of these types of insurance in total premiums made 20%, 13.3%, 12.7%, 9.8% and 6.8% respectively.

In the structure of payments, the largest amount of funds disbursed under the â€œHealth Insuranceâ€ (AZN 15.575 mln or 32%), â€œMotor vehicle insuranceâ€ (AZN 13.217 mln or 27%), â€œCompulsory insurance of servicemenâ€ (AZN 5.824 mln or 12%) and â€œProperty insurance against fire and other risksâ€ (AZN 2.478 mln or 5.1%).

Note that, currently 27 insurance companies operate in Azerbaijan.