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Total premium for life insurance increased in Azerbaijan

Business Materials 14 January 2011 10:28

Azerbaijan, Baku, Jan. 14 / Trend U.Ismayilova /

There were many premiums on life insurance worth 841.712 manat with payments at 251,360 manat, in a structure for Life-insurance in Azerbaijan in 2010, the Azerbaijani Finance Ministry's State Insurance service reported.

Premiums on life insurance amounted to 613,438 manat with payments at 81,146 manat. Premiums on insurance from incurable diseases for the period totaled 2.279 manat without payment.

Total premiums on life insurance amounted to 1.457 million manat with payments at 332,507 manat compared to 897,320 manat and 443,390 manat, respectively, in 2009.

Major part of Non-Life insurance falls to property insurance - premiums worth 92.059 million manat and payments worth 26.66 million manat. Liability insurance hit 10.124 million manat with payments at 289,663 manat, credit insurance - 341,758 manat with payments worth 274,880 manat and mixed insurance of financial risks - 2,657 manat without payment.

Total premiums for other kind of insurance amounted to 122.845 million manat with payments at 44.937 million manat compared to 132.775 million manat and 42.47 million manat, respectively, in 2009.

The structure of compulsory insurance premiums on state individual insurance of military men hit 14.613 million manat with payments worth 6.802 million manat, fire insurance -  7.237 million manat million with payments 325.844 manat, public individual insurance of judicial staff - 4.652 million manat with payments at 726.473 manat, liability insurance of vehicle owners - 3.716 million manat with payments at 666,489 manat, insurance of civil servants - 189.676 manat with payments at 15,510 manat.

Total premiums for compulsory insurance for the reporting period totaled 31.283 million manat with payments at 8.56 million manat compared to 29.633 million manat and 10.157 million manat, respectively, in 2009.

The total premiums of all companies operating in the country amount to 155.59 million manat, and payments - 53.83 million manat. Total premiums decreased by 4.73 percent (163.31 million manat), payments reduced by 1.43 percent (53.07  million manat).

There were 27 insurance companies and one reinsurance company in Azerbaijan during this period.

The report for 2010 does not specify the outcome of a single reinsurance company Az RE.

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