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Azerbaijanâ€™s insurance market rises 37% last year

12 January 2012 10:16 (UTC +04:00)

The Finance Ministry told APA that during the reporting period the aggregate amount of payments of insurance companies increased by 14.4% to AZN 61.567 million.

The amount of revenues from life insurance increased by 2.5 times and amounted to AZN 3.653 million, from non-life insurance - 28% to AZN 157.348 million, on compulsory insurance - 66% to AZN 51.981 million .

The payments on life insurance decreased by 46.6% to AZN 177.630, on non-life insurance rose 15% to AZN 51.497 million, on compulsory insurance - 16% to AZN 9.892 million.

The structure of the greatest contributions to the funds was received through the â€œCar insuranceâ€ (AZN 44.864 million), â€œProperty insurance against fire and other risksâ€ (AZN 29.757 million), â€œHealth Insuranceâ€ (AZN 28.414 million) and â€œCompulsory insurance of servicemenâ€ (AZN 15.866 million).

In the structure of payments to the largest amount of funds were disbursed under the â€œHealth Insuranceâ€ (AZN 19.273 million), â€œCar insuranceâ€ (AZN 15.809 million), â€œInsurance of air transportâ€ (AZN 9.037 million) and â€œCompulsory insurance of servicemenâ€ (AZN 7.109 million).

Note that, currently there are 27 insurance companies in Azerbaijan.