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Azerbaijani insurance market rises 80% year-on-year

15 March 2012 15:10 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-ECONOMICS. The total volume of premiums collected by the existing insurance companies in Azerbaijan in January-February, 2012, amounted to AZN 58.916 million, up 83% compared to last year.

The State Service of Insurance Supervision under the Ministry of Finance says during the reporting period the aggregate amount of payments grew by 12% to AZN 9.547 million.

The amount of income from life insurance increased by 6.5 times and amounted to AZN 4.046 million, from non-life insurance â€“ 67.5% to AZN 44.309 million, on compulsory insurance â€“ 2.1 times to AZN 10.560 million.

The most premiums were collected on â€œHealth insuranceâ€ (AZN 29.348 mln), â€œMotor vehicle insuranceâ€ (AZN 6.534 million), â€œCompulsory insurance of civil liability of motor vehicle ownersâ€ (AZN 5.145 mln), â€œProperty insurance against fire and other risksâ€ (AZN 3.194 million), â€œCompulsory Insurance against Industrial Accidents & Occupational Diseasesâ€ (AZN 3.185 mln) and â€œCargo insuranceâ€ (AZN 2.437 mln).

The payments on life insurance declined by 3.7 times to AZN 53.173 thousand, non-life insurance rose 15% to AZN 8.397 million, on compulsory insurance dropped 9.8% to AZN 1.096 million.

The most funds in the structure of payments were spent on â€œMotor vehicle insuranceâ€ (AZN 3.220 million or 33.7%), â€œHealth Insuranceâ€ (AZN 3.066 million or 32.11), â€œCompulsory insurance of civil liability of air transport ownersâ€ (AZN 0.854 million or 8.9%) and â€œState compulsory insurance of servicemenâ€ (AZN 0.804 million or 8.4%).

Note that, at the present time there are 29 insurance companies in Azerbaijan.