Life Insurance Sticks Development Records in Azerbaijan
Azerbaijan, Baku, 3 July / corr. Trend U.Ismayilova / The Azerbaijani insurance market grew by 63% in 2007 and amounted to AZN 148mln. Share of the insurance premiums in the Gross Domestic Product (GDP) made up 0.55% and per capita - AZN 17.4 in 2007, Azerbaijan's Ministry of Finance said on 3 July.
The highest rate of the development in Azerbaijan is recorded in life insurance, which rose by 410% over the last four years, and collections on this type of insurance totaled AZN 2.23mln. Unlike Non-life, this segment of the market is backward from the development, whilst it has great prospects.
The growth in Non-life insurance made up 61% in 2007, which played an important role in formation of general insurance premiums for a year. The amount of the premiums on Non-life insurance totaled AZN 145.85mln - 98.5% of general collections in 2007.
Considerable growth is observed on obligatory kind of Non-life insurance, which increased by 214.5% and amounted to AZN 21mln in 2007.
A total of 28 insurance and one reinsurance company are operating in Azerbaijan. Companies gathered premium in amount of AZN 51.6mln under payments of AZN 8.99mln in the first quarter. Premiums on life insurance amounted to AZN 0.55mln, on Non-life - AZN 45.55mln, and obligatory kinds of insurance - AZN 4.7mln during this period.
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