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Azerbaijanâ€™s insurance market rises 70%

26 September 2012 08:54 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-ECONOMICS. The total volume of premiums collected by the existing insurance companies in Azerbaijan during January-August, 2012 amounted to AZN 228.873 million, up 70% compared to last year.

The Finance Ministry told APA, during the reporting period the aggregate amount of payments of insurance companies increased by 62% to AZN 58.873 million.

The amount of revenues from life insurance rose by 4.5 times to AZN 9.466 million, from non-life insurance - rose 41% to AZN 132.208 million, on compulsory insurance â€“ approximately 2.2 times to AZN 87.199 million .

The payments on life insurance soared 19.6 times to AZN 2.792 mln, on non-life insurance rose 55% to AZN 46.105 million, on compulsory insurance - 54% to AZN 9.976 million.

The structure of the greatest contributions to the funds was received through the â€œCompulsory insurance against civil liability of vehicle ownersâ€ (AZN 47.218 mln), â€œHealth Insuranceâ€ (AZN 45.259 million), â€œVehicle insuranceâ€ (AZN 37.007 million), Compulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseasesâ€ (AZN 19.148 million), â€œProperty insurance against fire and other risksâ€ (AZN 18.026 mln), â€œState compulsory personal insurance of military servicemenâ€ (AZN 10.580 mln) and Cargo (transport) insurance (AZN 10.369 mln).

In the structure of payments to the largest amount of funds were disbursed under the â€œHealth Insuranceâ€ (AZN 25.118 million), â€œVehicle insuranceâ€ (AZN 14.347 million), â€œState compulsory personal insurance of military servicemenâ€ (AZN 5.007 mln), â€œCompulsory insurance against civil liability of vehicle ownersâ€ (AZN 2.507 million), â€œProperty insurance against fire and other risksâ€ (AZN 2.144 mln) and â€œCompulsory insurance against civil liability of air transport ownersâ€ (AZN 1.190 mln).

Currently there are 28 insurance companies in Azerbaijan.