Finance

Finance

Azerbaijan sees 13% rise in insurance market in January

12 February 2014 08:38 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. In January, 2014, Azerbaijan-based insurers collected AZN 61.132 mln insurance premiums, up 13.4% compared to a year earlier.

Ministry of Finance says that the payments on insurance accidents rose 15.7% to AZN 8.076 mln.

During this period, the premiums from voluntary insurance types surged 13.6% to AZN 55.161 mln, as well as from life insurance rose 70% to AZN 11.914 million, from non-life insurance rose 4.1% to AZN 43.247 mln, from compulsory insurance soared 13.2% to AZN 5.971 million.

Most of premiums came from the “Health Insurance” (AZN 27.582 million), Living insurance (AZN 11.063 mln), Air vehicle insurance (AZN 5.506 mln), “Compulsory insurance against civil liability of vehicle owners” (AZN 3.797 million), “Vehicle insurance” (AZN 3.334 million), Insurance against fire and other perils (AZN 1.863 mln), Compulsory insurance against civil liability of air vehicle owners (AZN 1.793 mln), “Compulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseases” (AZN 1.303 million).

The payments on voluntary life insurance made AZN 0.770 mln, up 10.3 times from 2013. Voluntary non-life insurance payments rose 8.9% to AZN 4.908 mln. Totally, voluntary insurance payments soared 26.7% to AZN 5.678 mln, compulsory insurance payments decreased by 2.2% to AZN 2.398 mln.

In the structure of payments to the largest amount of funds were disbursed under the “Health Insurance” (AZN 2.388 million), “Vehicle insurance” (AZN 2.045 million), “Compulsory insurance of civil liability of vehicle owners” (AZN 1.726 million).

Currently there are 28 insurance companies in Azerbaijan.