OREANDA-NEWS. October 20, 2009. The Ministry of Finance has published the summary data on overall insurance premiums received by Azerbaijan’s insurance companies for nine months of 2009.

According to MoF statistics data, as of 1st October 2009 domestic insurance sector premiums reduced by 12.4% compared to the 2008 same term’s index.

Azerbaijani insurers’ overall premiums for Jan-Sept 2009 amounted totaled AZN 130.18 million (US162.03) million versus AZN 146.41 million (\\\\$183.38 million) a year earlier,” the Ministry’s report says.

Payment of compensations reached AZN 38.22 million versus AZN 36.8 million for the 2008 same period. At the same time growth of payments made up 3%.

As of 1st October 2009 insurers gathered most of all premiums from voluntary real estate insurance (AZN 60.332 million), including motor insurance (AZN 23.672 million).

82.87% of the premiums fell on the share of non-life insurance (AZN 107.888 million), 16.66% on compulsory insurance (AZN 21.69 million), and only 0.47% on life insurance (AZN 598,250). The reported term’s compensations were paid mainly on insurance of non-life insurance risks (AZN 29.607 million).

The report covered 28 insurance companies of Azerbaijan.

As of 1st October 2009 exchange rate was AZN 0.8034 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.

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 respectively.