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Azerbaijan sees 58% rise in insurance market

03 December 2012 13:56 (UTC +04:00)

Ministry of Finance says that the payments on insurance accidents rose 55.5% to AZN 75.464 mln.

The amount of revenues from life insurance rose 4.3 times to AZN 12.334 million, from non-life insurance - rose 24.1% to AZN 162.369 mln, from compulsory insurance –2.4 times to AZN 107.440 million .

Most of premiums came from the “Compulsory insurance against civil liability of vehicle owners” (AZN 62.501 mln), “Health Insurance” (AZN 49.932 million), “Vehicle insurance” (AZN 47.094 million), Insurance against fire and other perils (AZN 25.529 mln), “Compulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseases” (AZN 20.456 million), “State compulsory personal insurance of military servicemen” (AZN 11.512 mln) and Cargo (transport) insurance (AZN 13.588 mln).

The payments on life insurance soared 18.2 times to AZN 2.888 mln, on non-life insurance rose 46.8% to AZN 59.063 million, on compulsory insurance – 66.3% to AZN 13.514 million.

In the structure of payments to the largest amount of funds were disbursed under the “Health Insurance” (AZN 32.593 million), “Vehicle insurance” (AZN 18.640 million), “State compulsory personal insurance of military servicemen” (AZN 6.099 mln), “Compulsory insurance against civil liability of vehicle owners” (AZN 4.241 million), “Insurance against fire and other perils” (AZN 2.138 mln).

Currently there are 28 insurance companies in Azerbaijan.