Azerbaijan sees 34% rise in insurance market year-on-year

Azerbaijan sees 34% rise in insurance market year-on-year
# 13 March 2013 13:49 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. In January-February, 2013, Azerbaijan-based insurers collected AZN 78.756 mln insurance premiums, up 33.8% compared with a year earlier.


Ministry of Finance says that the payments on insurance accidents rose 69.6% to AZN 16.214 mln.

The amount of revenues from life insurance rose 2.6 times to AZN 10.408 million, from non-life insurance - rose 17.4% to AZN 51.972 mln, from compulsory insurance soared 54.7% to AZN 16.376 million.

Most of premiums came from the “Medical Insurance” (AZN 28.691 million), “Health Insurance” (AZN 9.804 mln), “Vehicle insurance” (AZN 7.641 million), “Compulsory insurance against civil liability of vehicle owners” (AZN 7.641 million), “Compulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseases” (AZN 4.404 million), “Air transport insurance” (AZN 3.667 mln), Insurance against fire and other perils (AZN 3.340 mln), “Compulsory insurance of civil liability of air transport owners” (AZN 2.445 million),


In the structure of payments to the largest amount of funds were disbursed under the “Health Insurance” (AZN 5.786 million), “Vehicle insurance” (AZN 3.934 million), “Compulsory insurance of civil liability of vehicle owners” (AZN 3.565 million).

Currently there are 28 insurance companies in Azerbaijan.

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