Finance

Finance

Azerbaijan sees 16% growth in insurance market

13 September 2013 12:19 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. In January-August, 2013, insurance premiums collected by Azerbaijan-based insurers made AZN 265.712 mln, up 16.1% from previous year.

According to Ministry of Finance, the payments on insurance accidents rose 32.3% to ANZ 77.846 mln.

The premiums from voluntary insurance types soared 23.6% to AZN 175.157 mln, including premiums from life insurance rose by 2.5 times to AZN 24.126 mln, from non-life insurance – 14.2% to AZN 151.031 mln. Premiums from compulsory insurance types surged 3.9% to AZN 90.555 mln.

Most of premiums came from the “Medical Insurance” (AZN 47.278 million), “Compulsory insurance against civil liability of vehicle owners” (AZN 43.137 million), “Vehicle insurance” (AZN 37.782 million), “Property insurance against fire and other perils” (AZN 24.088 mln), Compulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseases” (AZN 20.466 million), Living Insurance (AZn 20.673 mln) and “Compulsory insurance of servicemen” (AZN 11.099 million).

The payments on voluntary life insurance made AZN 2.036 mln, down 27.1% in comparison to a year earlier and on non-life insurance increased by 13.7% to AZN 52.420 mln. Totally, the payments for voluntary insurance types grew 11.7% to AZN 54.457 mln, for compulsory insurance types – 2.3 times to AZN 23.390 mln.

In the structure of payments to the largest amount of funds were disbursed under the “Medical Insurance” (AZN 28.703 million), “Vehicle insurance” (AZN 17.244 million), “Compulsory insurance of civil liability of vehicle owners” (AZN 16.404 million).

Currently there are 28 insurance companies in Azerbaijan.