OREANDA-NEWS. July 29, 2008. 37% growth of premiums was registered at the country’s domestic insurance sector in the first half of 2008.

The Ministry of Finance has reported that Azerbaijani insurers’ overall premiums for Jan-Jun 2008 amounted AZN 96.87 million (USD 120 million; rate AZN 0.8 = USD 1) versus AZN 70.68 million a year earlier.

Payment of compensations made up AZN 21.78 million versus AZN 16.26 million for the 2007 same period.

Growth of premiums was 36.1% and compensations 31% against the last year’s relevant period.

As of July 1, 2008 insurers gathered most of all premiums from voluntary motor insurance (AZN 29.488 million) and fire insurance (AZN 11.11 million).

87% of premiums fell on the share of types of insurance not relating to life assurance (AZN 84.88 million), 11% on compulsory insurance (AZN 10.995 million) and at least 1% on life insurance (AZN 992,000). Compensations were paid mainly on insurance of risks not relating to life assurance (AZN 16.614 million).

In 2007 insurance companies’ overall premiums made AZN 147.2 million 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.