OREANDA-NEWS. January 30, 2009. The Ministry of Finance has provided data on overall insurance premiums received by Azerbaijan’s insurance companies for 2008.

Azerbaijani insurers’ overall premiums for the passed year amounted AZN 179.26 million (\\$224.075 million) versus AZN 148 million a year earlier.

The year-on-year growth of premiums made 21.1%.

Last year’s payment of compensations made up AZN 49.81 million with growth of 35.5% versus AZN 36.77 million in 2007.

As of 1st January 2008 insurers gathered most of all premiums from voluntary motor insurance (AZN 56.9 million) and fire insurance (AZN 18.536 million).

Last year 87.3% of premiums fell on the share of non-life insurance (AZN 156.415 million), 12.2% on compulsory insurance (AZN 21.846 million), and only 0.5% on life insurance (AZN 1 million). Compensations were paid mainly on insurance of non-life insurance risks (AZN 38.924 million).

In 2007 insurance companies’ overall premiums made AZN 147.2 million (growth: 42.8%) and paid compensations AZN 35.62 million. And for the 1st quarter of 2008 the figures made AZN 50.8 million and AZN 8.45 million respectively, for the 1st half of 2008 – AZN 96.87 million and AZN 21.78 million respectively, for first 9 months – AZN 146.41 million and AZN 36.82 million respectively.

The report covered 28 insurance companies of Azerbaijan. For the reported period activity of two insurance companies (Azer Asiya and Absheron) was curtailed. Their premiums were at the level of AZN 320,000 and AZN 11,000 respectively.

Average dollar rate in 2008 was AZN 0.8 to the US dollar.