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Compulsory insurance premiums increase in Azerbaijan

Business Materials 8 July 2011 20:22

Azerbaijan, Baku, July 8 /Trend, A.Badalova/

In January-April the growth of total insurance premiums in Azerbaijan made up 23 percent - up to $66.342 million as compared to $53.729 million for the same period of the last year, said the chairman Az Re Reinsurance Company Chingiz Mehdiyev.

Premiums for life insurance in four months in 2011 totaled 9.854 million compared to 0.508 million manat in the same period of the last year.

Total insurance premiums on Non-life-insurance in January-April this year rose to $56.488 million as compared to $53.221 million for the same period of the last year.

The share of life insurance in the overall portfolio of the market for four months of the year was 17.44 percent, Non-life-insurance - 82.56 percent as compared to 0.95 percent and 99.05 percent respectively.

During this period, the voluntary insurance premiums rose by 8.78 percent to $47.58 million as compared to $43.74 million for the same period of the last year.

Premiums for compulsory insurance for the reported period increased by 87.29 percent to $18.76 million as compared to $ 9.99 million in January-April 2010.

The share of the compulsory insurance in the total insurance charges for the reporting period this year amounted to 28 percent, voluntary - 72 percent.

A total of 28 insurance and one reinsurance companies operate in Azerbaijan.

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