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

11 July 2013 14:40 (UTC +04:00)

Ministry of Finance says that the payments on insurance accidents rose 40.3% to AZN 58.098 mln.

The amount of revenues from life insurance rose 2.5 times to AZN 18.936 million, from non-life insurance - rose 13.3% to AZN 110.580 mln, from compulsory insurance soared 6.7% to AZN 68.505 million.

Most of premiums came from the “Medical Insurance” (AZN 40.456 million), “Vehicle insurance” (AZN 26.533 million), “Compulsory insurance against civil liability of vehicle owners” (AZN 32.409 million), “Compulsory insurance against the cases of loss of working ability as a result of industrial accidents and occupational diseases” (AZN 17.623million), Insurance against fire and other perils (AZN 17.796 mln), “Compulsory insurance of servicemen” (AZN 7.384 million),

In the structure of payments to the largest amount of funds were disbursed under the “Health Insurance” (AZN 21.888 million), “Vehicle insurance” (AZN 12.428 million), “Compulsory insurance of civil liability of vehicle owners” (AZN 11.589 million).

Currently there are 28 insurance companies in Azerbaijan.