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Azerbaijanâ€™s insurance market rises 55%

18 October 2012 15:11 (UTC +04:00)

The Finance Ministry told APA, during the reporting period the aggregate amount of payments of insurance companies increased by 64.2% to AZN 41.190 million.

The amount of revenues from life insurance rose 4.4 times to AZN 10.342 million, from non-life insurance - rose 23% to AZN 149.768 million, on compulsory insurance â€“ approximately 2.3 times to AZN 96.215 million .

The payments on life insurance soared 20 times to AZN 2.885 mln, on non-life insurance rose 57% to AZN 52.943 million, on compulsory insurance â€“ 62.3% to AZN 7.284 million.

The structure of the greatest contributions to the funds was received through the â€œCompulsory insurance against civil liability of vehicle ownersâ€ (AZN 53.425 mln), â€œHealth Insuranceâ€ (AZN 47.636 million), â€œVehicle insuranceâ€ (AZN 42.313 million), â€œCompulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseasesâ€ (AZN 20.167 million), â€œState compulsory personal insurance of military servicemenâ€ (AZN 11.100 mln) and Cargo (transport) insurance (AZN 11.898 mln).

In the structure of payments to the largest amount of funds were disbursed under the â€œHealth Insuranceâ€ (AZN 28.865 million), â€œVehicle insuranceâ€ (AZN 16.698 million), â€œState compulsory personal insurance of military servicemenâ€ (AZN 5.594 mln), â€œCompulsory insurance against civil liability of vehicle ownersâ€ (AZN 3.349 million), â€œProperty insurance against fire and other risksâ€ (AZN 1.199 mln).

Currently there are 27 insurance companies in Azerbaijan.