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Azerbaijan sees 62% rise in insurance market

17 December 2012 10:54 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. Azerbaijan-based insurance organizations collected AZN 312.969 mln-premiums during January-November 2012, up 62.1% compared to last year.

Ministry of Finance says that the payments on insurance accidents rose 47.5% to AZN 82.536 mln.

The amount of revenues from life insurance rose 4.4 times to AZN 13.817 million, from non-life insurance rose 28.1% to AZN 179.515 mln, from compulsory insurance –2.4 times to AZN 119.637 million.

Most of premiums came from the “Compulsory insurance against civil liability of vehicle owners” (AZN 68.586 mln), “Health Insurance” (AZN 52.257 million), “Vehicle insurance” (AZN 52.159 million), Insurance against fire and other perils (AZN 32.735 mln), “Compulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseases” (AZN 20.805 million), “State compulsory personal insurance of military servicemen” (AZN 15.189 mln) and Cargo (transport) insurance (AZN 14.798 mln).

The payments on life insurance soared 16.2 times to AZN 3.033 mln, on non-life insurance rose 36.6% to AZN 63.963 million, on compulsory insurance – 74.2% to AZN 15.540 million.

In the structure of payments to the largest amount of funds were disbursed under the “Health Insurance” (AZN 35.651 million), “Vehicle insurance” (AZN 20.557 million), “State compulsory personal insurance of military servicemen” (AZN 6.553 mln), “Compulsory insurance against civil liability of vehicle owners” (AZN 5.523 million), “Insurance against fire and other perils” (AZN 2.319 mln).

Currently there are 28 insurance companies in Azerbaijan.