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Azerbaijanâ€™s insurance market rises sharply

15 August 2012 10:22 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-ECONOMICS. The total volume of premiums collected by the existing insurance companies in Azerbaijan during January-July, 2012 amounted to AZN 169.455 million, up 72% compared to last year.

The Finance Ministry told APA that during the reporting period the aggregate amount of payments of insurance companies increased by 55% to AZN 41.44 million.

The amount of revenues from life insurance quintupled to AZN 7.626 million, from non-life insurance - rose 45% to AZN 97.612 million, on compulsory insurance â€“ approximately 2.2 times to AZN 64.217 million .

The payments on life insurance soared 3.2 times to AZN 384,907, on non-life insurance rose 60% to AZN 35.178 million, on compulsory insurance - 27% to AZN 5.881 million.

The structure of the greatest contributions to the funds was received through the â€œHealth Insuranceâ€ (AZN 39.260 million), â€œCompulsory insurance of civil responsibility of vehicle ownersâ€ (AZN 35.190 mln), â€œVehicle insuranceâ€ (AZN 26.598 million) and Compulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseasesâ€ (AZN 15.486 million).

In the structure of payments to the largest amount of funds were disbursed under the â€œHealth Insuranceâ€ (AZN 19.283 million), â€œCar insuranceâ€ (AZN 10.456 million), â€œCompulsory insurance of servicemenâ€ (AZN 3.677 mln) and â€œInsurance of air transportâ€ (AZN 1.190 million).

Note that, currently there are 28 insurance companies in Azerbaijan.