Finance

Finance

Azerbaijani insurance market rises 38% year-on-year

20 December 2011 13:46 (UTC +04:00)

The State Service of Insurance Supervision under the Ministry of Finance says during the reporting period the aggregate amount of payments grew by 23% to AZN 55.948 million.

The amount of income from life insurance increased by 2.3 times and amounted to AZN 3.143 million, from non-life insurance - 28% to AZN 140.087 million, on compulsory insurance - 69% to AZN 49.881 million.

The payments on life insurance declined by 35% to AZN 287.327 thousand, non-life insurance rose 25% to AZN 37.435 million, on compulsory insurance soared 15% to AZN 8.919 million.

The most premiums were collected on â€œMotor vehicle insuranceâ€ (AZN 39.350 million), â€œProperty insurance against fire and other risksâ€ (AZN 25.487 million), â€œHealth Insuranceâ€ (AZN 25.156 million) and â€œState compulsory insurance of servicemenâ€ (AZN 14.390 million).

The most funds in the structure of payments were spent on â€œHealth Insuranceâ€ (AZN 17.312 million), â€œMotor vehicle insuranceâ€ (AZN 14.704 million), â€œInsurance of air transportâ€ (AZN 8.763 million) and â€œState compulsory insurance of servicemenâ€ (AZN 6.389 million).

Note that, at the present time there are 26 insurance companies in Azerbaijan.