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Azerbaijani insurance market rises 70% in Q1

13 April 2012 07:52 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. The total volume of premiums collected by the existing insurance companies in Azerbaijan in January-March, 2012, amounted to AZN 81.638 million, up 66% 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 28% to AZN 16.630 million.

The amount of income from life insurance increased by 5.8 times and amounted to AZN 4.720 million, from non-life insurance â€“ 55% to AZN 55.817 million, on compulsory insurance â€“ 59% to AZN 21.1 million.

The most premiums were collected on â€œHealth insuranceâ€ (AZN 32.239 mln), â€œMotor vehicle insuranceâ€ (AZN 10.366 million), â€œCompulsory insurance of civil liability of motor vehicle ownersâ€ (AZN 10.954 mln), â€œProperty insurance against fire and other risksâ€ (AZN 5.350 million).

The payments on life insurance grew by 10 times to AZN 172.608 thousand, non-life insurance rose 34% to AZN 14.686 million, on compulsory insurance dropped 11% to AZN 1.771 million.

The most funds in the structure of payments were spent on â€œHealth Insuranceâ€ (AZN 7.740 million or 46%) â€œMotor vehicle insuranceâ€ (AZN 4.625 million or 28%), and â€œState compulsory insurance of servicemenâ€ (AZN 1.268 million or 7.6%).

Note that, at the present time there are 28 insurance companies in Azerbaijan.