Finance

Finance

Azerbaijan sees 14% rise in insurance market year-on-year

13 August 2013 14:46 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. In January-July, 2013, Azerbaijan-based insurers collected AZN 228.971 mln insurance premiums, up 13.6% compared with a year earlier.

Ministry of Finance says that the payments on insurance accidents rose 39.2% to AZN 68.879 mln.

The amount of revenues from life insurance rose 2.6 times to AZN 21.680 million, from non-life insurance - rose 6.9% to AZN 126.691 mln, from compulsory insurance soared 8.0% to AZN 80.599 million.

Most of premiums came from the “Medical Insurance” (AZN 43.338 million), “Vehicle insurance” (AZN 32.420 million), “Compulsory insurance against civil liability of vehicle owners” (AZN 37.951 million), “Compulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseases” (AZN 18.990 million), Life Insurance (AZN 18.852 mln), “Compulsory insurance of servicemen” (AZN 10.916 million).

In the structure of payments to the largest amount of funds were disbursed under the “Medical Insurance” (AZN 25.408 million), “Vehicle insurance” (AZN 15.053 million), “Compulsory insurance of civil liability of vehicle owners” (AZN 14.046 million).

Currently there are 28 insurance companies in Azerbaijan.