Insurance sector growing
Insurance contracts signed in Azerbaijan in 2008
amounted to 179.3 million manats ($221.3 million), an increase
compared to the previous year, a Finance Ministry official has
said.
According to Elshad Mammadov, an employee of the ministry`s department overseeing the domestic insurance sector, the figure is 31.26m manats ($38.6m), or 21.1%, over 2007. In comparison with 2003, the amount of the collected insurance fees has more than tripled.
Mammadov said 87.8% of the insurance contracts signed last year were voluntary, while the remaining 12.2% were mandatory agreements. The number of the former increased 23.9%, while that of the latter rose 4%.
The amount of fees paid on life insurance decreased 55.2%, while payments on other types of insurance increased 25.4%.
The amount of insurance paid out in 2008 constituted 27.8% of the total sum of contracts inked throughout the year. Insurers paid compensations worth about $61 million to citizens over recent incidents, or 35.5% more than in 2007. The insurance payments were 3.4 times over the figure reported in 2003.
86.2% of insurance funds were paid out by 11 companies. The amount of insurance payments per capita made under relevant contracts constituted 20.5 manats, 17% over 2007 and a three-fold increase in comparison with 2003.
28 insurance companies, one reinsurance company and six insurance brokerages are currently operating in Azerbaijan. 15 out of the 28 insurance companies are part of various bank holdings.
According to Elshad Mammadov, an employee of the ministry`s department overseeing the domestic insurance sector, the figure is 31.26m manats ($38.6m), or 21.1%, over 2007. In comparison with 2003, the amount of the collected insurance fees has more than tripled.
Mammadov said 87.8% of the insurance contracts signed last year were voluntary, while the remaining 12.2% were mandatory agreements. The number of the former increased 23.9%, while that of the latter rose 4%.
The amount of fees paid on life insurance decreased 55.2%, while payments on other types of insurance increased 25.4%.
The amount of insurance paid out in 2008 constituted 27.8% of the total sum of contracts inked throughout the year. Insurers paid compensations worth about $61 million to citizens over recent incidents, or 35.5% more than in 2007. The insurance payments were 3.4 times over the figure reported in 2003.
86.2% of insurance funds were paid out by 11 companies. The amount of insurance payments per capita made under relevant contracts constituted 20.5 manats, 17% over 2007 and a three-fold increase in comparison with 2003.
28 insurance companies, one reinsurance company and six insurance brokerages are currently operating in Azerbaijan. 15 out of the 28 insurance companies are part of various bank holdings.
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