Baku, Fineko/abc.az. The Ministry of Finance of Azerbaijan has published the results of domestic insurance companies’ activities in the first half of the year.

The Ministry reports that as of 1 July insurance companies premiums’ totaled AZN 76.88 million ($95.6 million) against AZN 66.91 million ($83.26 million) a month earlier. The increase in revenues of insurance companies for the month was 15%.

Insurance companies’ compensations for Jan-Jun were at the level of AZN 22.49 million ($27.97 million) versus AZN 18.51 million ($23.03 million) a month earlier.

By 1 July 2010 the predominant volume of premiums was received on the voluntary type of insurance of real estate (AZN 38.628 million) and motor vehicle insurance (AZN 12.466 million).

At that, 78.7% of insurance proceeds fell on the share of insurance types not relating to life insurance (AZN 55.038 million), 21% on compulsory insurance (AZN 13.87 million) and only 0.3% on life insurance (AZN 603,658).

As for the paid compensations, for the reported period their major portion fell on the share of payment of insurance risks on types of insurance not relating to life insurance (AZN 15.8 million).

The report was compiled on the activities of 28 insurance companies of Azerbaijan. Exchange rate on 1 July 2010 was AZN 0.8039 to the US dollar.

Following 2009 premiums of the Azerbaijani insurance sector amounted to AZN 163.31 million with a decrease in comparison with 2008 by 10%. Insurance companies paid AZN 53.07 million last year.

14.07.2010 16:07