Finance

Finance

Azerbaijan gets 17% rise in insurance market year-on-year

14 June 2013 12:55 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. In January-May, 2013, Azerbaijan-based insurers’ insurance premiums made AZN 168.693 mln, up 16.6% from year earlier.

According to the Ministry of Finance, the payments on insurance accidents soared 48.6% to AZN 48.883 mln.

Most of premiums came from Health insurance (AZN 36.966 mln), Compulsory Insurance of Civil Liability of Vehicle Owners (AZN 27.301 mln), Vehicle insurance (AZN 21.873 mln), Living insurance of life (AZN 14.951 mln), Insurance against accidents at work and occupational diseases that caused disability (AZN 16.036 mln), property insurance against fire and other perils (AZN 11.139 mln), state individual insurance of servicemen (AZN 7.353 mln).

Regarding payment, AZN 1.104 mln went to voluntary life insurance, up 4.7 times from previous year. The payments on voluntary non-life insurance rose 17.1% to AZN 33.629 mln. In general, the payments on voluntary insurance surged 19.6% to AZN 34.732 mln, on compulsory insurance – 3.5 times to AZN 14.151 mln.

Most of payments went to Health Insurance (AZN 17.814 mln), Vehicle insurance (AZN 10.759 mln), Compulsory Insurance of Civil Liability of Vehicle Owners (AZN 8.553 mln).

Note that 28 insurance companies operate in Azerbaijan.