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Azerbaijan sees 18% rise in insurance market

17 October 2013 10:55 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. In January-September, 2013, Azerbaijan-based insurers collected AZN 303.383 mln insurance premiums, up 18.4% compared to a year earlier.

Ministry of Finance says that the payments on insurance accidents rose 30.7% to AZN 88.534 mln.

During this period, the premiums from voluntary insurance types surged 26.5% to AZN 202.507 mln, as well as from life insurance rose 2.8 times to AZN 29.300 million, from non-life insurance rose 15.6% to AZN 173.207 mln, from compulsory insurance soared 4.9% to AZN 100.876 million.

Most of premiums came from the “Medical Insurance” (AZN 49.885 million), “Compulsory insurance against civil liability of vehicle owners” (AZN 48.812 million), “Vehicle insurance” (AZN 42.571 million), Insurance against fire and other perils (AZN 36.019 mln), Living insurance (AZN 25.409 mln), “Compulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseases” (AZN 22.011 million), Cargo insurance (AZN 11.656 mln) and “Compulsory insurance of servicemen” (AZN 11.327 million),

The payments on voluntary life insurance made AZN 2.165 mln, down 24.1% from 2012. Voluntary non-life insurance payments rose 12.9% to AZN 59.678 mln. Totally, voluntary insurance payments soared 10.8% to AZN 61.844 mln, compulsory insurance payments increased by 2.3 times to AZN 26.690 mln.

In the structure of payments to the largest amount of funds were disbursed under the “Health Insurance” (AZN 33.037 million), “Vehicle insurance” (AZN 19.778 million), “Compulsory insurance of civil liability of vehicle owners” (AZN 18.625 million).

Currently there are 28 insurance companies in Azerbaijan.