Finance

Finance

Azerbaijan sees 18% rise in insurance market

15 January 2014 11:13 (UTC +04:00)

Ministry of Finance says that the payments on insurance accidents rose 30.8% to AZN 122.804 mln.

During this period, the premiums from voluntary insurance types surged 26% to AZN 270.966 mln, as well as from life insurance rose 2.9 times to AZN 43.891 million, from non-life insurance rose 13.6% to AZN 227.075 mln, from compulsory insurance soared 5.7% to AZN 134.707 million.

Most of premiums came from the “Compulsory insurance against civil liability of vehicle owners” (AZN 69.211 million) “Medical Insurance” (AZN 65.432 million), , “Vehicle insurance” (AZN 56.859 million), Insurance against fire and other perils (AZN 47.716 mln), Living insurance (AZN 37.697 mln), “Compulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseases” (AZN 24.885 million), “Compulsory insurance of servicemen” (AZN 17.061 million) and Cargo insurance (AZN 15.752 mln).

The payments on voluntary life insurance made AZN 2.429 mln, down 20% from 2012. Voluntary non-life insurance payments rose 14.1% to AZN 82.461 mln. Totally, voluntary insurance payments soared 12.8% to AZN 84.890 mln, compulsory insurance payments increased by 2.1 times to AZN 37.914 mln.

In the structure of payments to the largest amount of funds were disbursed under the “Health Insurance” (AZN 46.162 million), “Vehicle insurance” (AZN 27.960 million), “Compulsory insurance of civil liability of vehicle owners” (AZN 26.900 million).

Currently there are 28 insurance companies in Azerbaijan.