Finance

Home page

Finance

Azerbaijan sees 16% rise in insurance market year-on-year

18 March 2014 09:05 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. In January-February, 2014, Azerbaijan-based insurers collected AZN 91.616 mln premiums, up 16.2% compared to a year earlier.

Ministry of Finance says that the payments on insurance accidents rose 17.3% to AZN 8,076 mln.

During this period, premiums from voluntary insurance types rose 14.9% to AZN 71.725 mln. The amount of revenues from life insurance rose 65.7% to AZN 17.362 million, from non-life insurance - rose 4.6% to AZN 54.364 mln, from compulsory insurance soared 21.3% to AZN 19.891 million.

Most of premiums came from the “Medical Insurance” (AZN 31.357 million), “Living insurance” (AZN 15.335 mln), “Compulsory insurance against civil liability of vehicle owners” (AZN 7.578 million), “Vehicle insurance” (AZN 5.821 million), “Air transport insurance” (AZN 5.506 mln), “Compulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseases” (AZN 5.411 million), Insurance against fire and other perils (AZN 3.191 mln).

The payments on voluntary life insurance types made AZN 1.006 mln, up 11.6 times from previous year. Payments on voluntary non-life insurance stood at AZN 11.904 mln, up 11.2% by contrast to a year earlier. Totally, the payments on voluntary insurane types increased 19.4% to AZN 12.910 mln, compulsory insurance types – 13.0% to AZN 6.107 mln.

In the structure of payments to the largest amount of funds were disbursed under the “Health Insurance” (AZN 6.508 million), “Vehicle insurance” (AZN 4.580 million), “Compulsory insurance of civil liability of vehicle owners” (AZN 4.330 million).

Currently there are 28 insurance companies in Azerbaijan.