Azerbaijan sees 25% growth in insurance market during first quarter

Azerbaijan sees 25% growth in insurance market during first quarter
# 17 April 2013 11:17 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. Azerbaijan-based insurance companies earned AZN 102.230 mln of insurance premiums in January-March, 2013, up 25.3% from previous year.

According to Ministry of Finance, the payments on insurance accidents rose 53.0% to AZN 25.398 mln.

The premiums on voluntary insurance types soared 22.4% to AZN 74.049 mln, including the premiums on life insurance increased by 2.6 times to AZN 12.110 mln, non-life insurance – by 10.9% to AZN 61.939 mln. Premiums on compulsory insurance types surged 33.7% to AZN 28.181 mln.

Most of premiums came from Health Insurance (AZN 31.654 mln), Civil Liability of Vehicle Owners (AZN 11.959 mln), living life insurance (AZN 11.157 mln), Vehicle insurance (AZN 10.641 mln), Compulsory Insurance against disability as a result of industrial accidents and occupational diseases (AZN 8.567 mln), property insurance against fir and other perils (AZN 4.935 mln), Air transport insurance (AZN 3.678 mln) and compulsory national personal insurance of the military personnel (AZN 3.267 mln).

The payments on voluntary life insurance made AZN 801, 683,000, up 4.7 timers from previous year. Payments on voluntary non-life insurance rose 16.3% to AZN 17.077 mln. Totally, payments on voluntary insurance types stood surged 20.1% to AZN 17.879 mln, compulsory insurance types increased by 4.2 times to AZN 7.520 mln.

Most of payments went to Health Insurance (AZN 9.600 mln), Vehicle insurance (AZN 5.737 mln), Civil Liability of Vehicle Owners (AZN 4.991 mln).

Note that 28 insurance companies operate in Azerbaijan.

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