Sharp slowdown recorded in premiums on compulsory insurance on accidents in Azerbaijan

Business Materials 14 July 2011 17:18 (UTC +04:00)

Azerbaijan, Baku, July 14 /Trend, A.Akhundov/

In the first half of 2011, Azerbaijani insurance companies' premiums from compulsory insurance on labor ability loss in production amounted to 12.938 million manat, which is 8.35 percent more than January-May, the Finance Ministry of Azerbaijan said.

This type of insurance began to be introduced in Azerbaijan in December 2010.
In May the premiums rose by 37.12 percent compared to January-April, in April - 46.13 percent compared with January-March, in March figure increased two times compared to January-February.

In the first half, the companies paid 54,500 manat on this type of insurance.
Only three companies - Atesgah Heyat, PASA Heyat Sıgorta and Qala Heyat - render life insurance services.

The State Insurance Supervision Service is currently considering several proposals to establish life insurance companies.

In total, there are 28 insurance and one reinsurance companies in Azerbaijan.
Official exchange rate on July 14 is 0.7865 AZN/USD.