OREANDA-NEWS. February 01, 2010. According to MoF statistics data, for the past year domestic insurance sector premiums declined by 10% versus the 2008 index.

“Azerbaijani insurers’ overall premiums for 2009 totaled AZN 163.3 million versus AZN 179.26 million a year earlier,” the Ministry’s report says.

Payment of compensations reached AZN 53.07 million with rise of 6.5% against 2008 figure.

As of 1st January 2010, insurers gathered most of all premiums from voluntary real estate insurance (AZN 105.717 million).

81.3% of the premiums fell on the share of non-life insurance (AZN 132.775 million), 18.1% on compulsory insurance (AZN 29.6 million), and only 0.6% on life insurance (AZN 897,320). The reported term’s compensations were paid mainly on insurance of non-life insurance risks (AZN 42.47 million).

The report covered 28 insurance companies of Azerbaijan.

As of 1st January 2009 exchange rate was AZN 0.8031 to the US dollar.

In 2008, premiums of Azerbaijani insurance sector totaled AZN 179.26 million (US224.075 million) versus AZN 148 million in 2007.

In 2009 the Finance Ministry switched the insurance companies to monthly reporting.

As of 1st February 2009 sector’s premiums were at the level of AZN 18.89 million and paid compensations AZN 3.03 million, as 1st March AZN 30.82 million and AZN 8.25 million, as of 1st April AZN 42.89 million and AZN 10.32 million, as of 1st May AZN 58.46 million and AZN 15.23 million, as of 1st June AZN 67 million and AZN 19.86 million, as of 1st July AZN 79.89 million and AZN 24.65 million, as 1st August AZN 113.02 million and AZN 29.19 million, as of 1st September AZN 122.67 million and AZN 33.94 million and as of 1st October AZN 130.18 million and AZN 38.22 million, as of 1st November AZN 138.4 million and AZN 42.09 million, and as of 1 December AZN 152.27 million and AZN 46.6 million respectively.