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Azerbaijanâ€™s insurance market rises 73% last year

17 August 2012 08:56 (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 201.509 million, up 73% compared to last year.

The Finance Ministry told APA that during the reporting period the aggregate amount of payments of insurance companies increased by 52% to AZN 49.469 million.

The amount of revenues from life insurance increased by 5.6 times and amounted to AZN 8.484 million, from non-life insurance - 51% to AZN 118.454 million, on compulsory insurance â€“ approximately doubled to AZN 74.572 million .

The payments on life insurance increased by 8 times to AZN 1.113, on non-life insurance rose 49% to AZN 39.971 million, on compulsory insurance - 48% to AZN 8.385 million.

The structure of the greatest contributions to the funds was received through the â€œHealth Insuranceâ€ (AZN 42.189 million), â€œCompulsory insurance of civil responsibility of vehicle ownersâ€ (AZN 41.095 mln), â€œVehicle insuranceâ€ (AZN 31.701 million) and â€œCompulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseasesâ€ (AZN 17.270 million).

In the structure of payments to the largest amount of funds were disbursed under the â€œHealth Insuranceâ€ (AZN 21.436 million), â€œVehicle insuranceâ€ (AZN 12.467 million), â€œCompulsory insurance of servicemenâ€ (AZN 4.426 mln) and â€œCompulsory insurance of civil responsibility of vehicle ownersâ€ (AZN 1.729 million).

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