Baku, Fineko/abc.az. The Ministry of Finance (MoF) has provided the next data on a new scheme of submission of prudence reporting during insurance activity. The data concerns overall insurance premiums received by Azerbaijan’s insurance companies for January-February 2009.

The MoF informs that Azerbaijani insurers’ overall premiums for January-February 2009 amounted AZN 30.82 million ($38.27 million).

Payment of compensations made up AZN 8.25 million ($10.24 million). During a month the whole sector’s premium growth was 61%, and compensation growth 172%.

As of 1st March 2009 insurers gathered most of all premiums from voluntary real estate insurance (AZN 19.946 million) and voluntary insurance of planes (AZN 5.689 million).

Simultaneously 81.27% of premiums fell on the share of non-life insurance (AZN 25.050 million), 18.26% on compulsory insurance (AZN 5.631 million), and only 0.47% on life insurance (AZN 142,720). Compensations were paid mainly on insurance of non-life insurance risks (AZN 6.39 million).

The report covered 28 insurance companies of Azerbaijan.

Average dollar rate by 1st March 2009 was AZN 0.8052 to the US dollar.

In 2008 Azerbaijani insurers’ overall premiums 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 February 2009 Azerbaijani insurers’ overall premiums amounted AZN 18.89 million with compensation payments of AZN 3.03 million.

The Ministry used to publish such reports once a quarter. Under the new system, they will be published every month.

20.04.2009 15:58