OREANDA-NEWS. June 24, 2010. The Azerbaijani Ministry of Finance presented results of activity of Azerbaijan’s insurance companies in January to May 2010.

The Azerbaijani Ministry of Finance  informed, on 1 June, 2010, Azerbaijani insurers’ overall premiums amounted to AZN 66.91 million (USD 83.26 million) versus AZN 53.73 million (USD 66.88 million) a month earlier.

Increase of earnings of Azerbaijani insurance companies for the month made 24.5%.

In January to May, payment of compensations totaled AZN 18.51 million (USD 23.03 million) versus 14.52 million (USD 18.07 million) a month earlier.

As of 1st June 2010 insurers gathered most of all premiums from voluntary real estate insurance (AZN 37.097 million) and insurance of air transportation vehicles (AZN 12.471 million).

At the same time, 78.4% of premiums fell on the share of non-life insurance (AZN 52.432 million), 20.7% on compulsory insurance (AZN 13.87 million), and only 0.9% on life insurance (AZN 603,658). Compensations were paid, for the most part, on insurance of non-life insurance risks (AZN 15.128 million).

The report covered 28 insurance companies of Azerbaijan.

On 1st May, 2010, average dollar rate was AZN 0.8036 to the US dollar.

In 2009, domestic insurance sector premiums totaled AZN 163.3 million with 10% decline against 2008, while insurance payments totaled AZN 53.07 million.