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Azerbaijan gets 20% rise in insurance market year-on-year

14 May 2013 08:34 (UTC +04:00)

According to the Ministry of Finance, the payments on insurance accidents soared 44.2% to AZN 38.211 mln.

During this period, the premiums on voluntary insurances surged 18.9% to AZN 91.213 mln. At the same time, the premiums on life insurance increased by 2.5 times to AZN 14.221 mln, on non-life insurance – by 8.3% to AZN 76.992 mln. Premiums on compulsory insurance types grew 21.5% to AZN 47.499 mln.

Most of premiums came from Health insurance (AZN 34.379 mln), Compulsory Insurance of Civil Liability of Vehicle Owners (AZN 20.130 mln), Vehicle insurance (AZN 16.011 mln), Living insurance of life (AZN 12.751 mln), Insurance against accidents at work and occupational diseases that caused disability (AZN 12.458 mln), property insurance against fire and other perils (AZN 8.330 mln), state individual insurance of servicemen (AZN 7.166 mln).

Regarding payment, AZN 818,161,000 went to life insurance, up 3.6 times from previous year. The payments on voluntary non-life insurance rose 13.9% to AZN 26.284 mln. In general, the payments on voluntary insurance surged 16.3% to AZN 27.102 mln, on compulsory insurance – 3.6 times to AZN 11.109 mln.

Most of payments went to Health Insurance (AZN 13.933 mln), Vehicle insurance (AZN 8.274 mln), Compulsory Insurance of Civil Liability of Vehicle Owners (AZN 7.363 mln).

Note that 28 insurance companies operate in Azerbaijan.