Azerbaijan sees 18% rise in insurance market year-on-year

Azerbaijan sees 18% rise in insurance market year-on-year
# 13 December 2013 11:44 (UTC +04:00)

Baku. Vahab Rzayev – APA-Economics. In January-November, 2013, Azerbaijan-based insurers collected AZN 368.880 mln insurance premiums, up 17.9% compared to a year earlier.

Ministry of Finance says that the payments on insurance accidents rose 34.3% to AZN 110.483 mln.

Premiums on voluntary insurances rose 25.7% to AZN 242.849 mln. The amount of premiums from life insurance rose 3.0 times to AZN 40.839 million, from non-life insurance – 12.5% to AZN 202.010 mln, from compulsory insurance soared 5.4% to AZN 126.031 million.

Most of premiums came from the “Compulsory insurance against civil liability of vehicle owners” (AZN 65.227 million), “Medical Insurance” (AZN 57.105 million), “Vehicle insurance” (AZN 51.812 million), Insurance against fire and other perils (AZN 40.960 mln), “Living insurance” (AZN 35.687 mln), “Compulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseases” (AZN 22.984 mln), “Compulsory insurance of servicemen” (AZN 15.605 million), “Cargo insurance” (AZN 14.108 mln)

Total payments on voluntary life insurance made AZN 2.386, down 20.0% by contrast to a year earlier. Voluntary non- life insurance payments rose 16.7% to AZN 74.740 mln. Totally, voluntary insurance payments surged 15.1% to AZN 77.126 mln, compulsory insurance payments increased by 2.2 times to AZN 33.356 mln.

In the structure of payments to the largest amount of funds were disbursed under the “Health Insurance” (AZN 41.920 million), “Vehicle insurance” (AZN 25.048 million), “Compulsory insurance of civil liability of vehicle owners” (AZN 27,131 million).

Currently there are 28 insurance companies in Azerbaijan.

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