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Azerbaijani insurance market rises 70% year-on-year

22 June 2012 13:56 (UTC +04:00)

The State Service of Insurance Supervision under the Ministry of Finance says during the reporting period the total amount of income from life insurance increased by 4.8 times and amounted to AZN 6.504 million, from non-life insurance â€“ 47% to AZN 85.234 million, on compulsory insurance â€“ 97% to AZN 52.966 million.

The most premiums were collected on â€œHealth insuranceâ€ (AZN 37.770 mln), â€œMotor vehicle insuranceâ€ (AZN 21.414 million), â€œCompulsory insurance of civil liability of motor vehicle ownersâ€ (AZN 29.001 mln), â€œCompulsory Insurance against Industrial Accidents & Occupational Diseaseâ€ (AZN 14.125 mln), â€œProperty insurance against fire and other risksâ€ (AZN 8.578 million).

The payments on life insurance tripled to AZN 234,600,000, non-life insurance rose 56% to AZN 28.737 million, on compulsory insurance rose 8.8% to AZN 3.973 million.

The most funds in the structure of payments were spent on â€œHealth Insuranceâ€ (AZN 15.337 million or 47%) â€œMotor vehicle insuranceâ€ (AZN 8.668 million or 26%), and â€œState compulsory insurance of servicemenâ€ (AZN 2.510 million).

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