Non-life Insurance Still Leads in Collection of Insurance Premiums in Azerbaijan in Q1 08
Azerbaijan, Baku, 5 May / Trend corr U. Ismayilova/ In January to March, the premiums of Azerbaijani insurance companies increased by 35% to AZN 50.8mln as compared to the same period of 2007, Azerbaijan's Finance Ministry reported on 5 May.
Life insurance comprised AZN 0.55mln in that period, while in the Q1 of 2007 it totalled AZN 0.11mln. Non-life insurance increased by 36% and totalled AZN 45.55mln, while during the same period of 2007 it comprised AZN 33.49mln. Obligatory insurance rose by 16.7% to ANZ 4.7mln, and in the same period of 2007 it was AZN 4.02mln.
Insurance payments rose by 15.3% to AZN 8.45mln (AZN 7.33mln in Q1 2007).
Life insurance payments grew by 0.66% from the Q1 2007 (AZN 0.03mln) and totalled AZN 0.05mln. Non-life insurance payments amounted to AZN 6.14mln, while in Q1 2007 it was AZN 6.64mln. Obligatory insurance payments made up AZN 2.26mln (AZN 0.66mln in Q1 2007).
Operating in Azerbaijan are 28 insurance companies and one re-insurance company, with minimal authorized capital comprising AZN 1mln.