OREANDA-NEWS. February 16, 2009. Azerbaijan Republic Ministry of Finance has reported of life insurance decline in the country in 2008 and in a mid-term perspective.

Elshad Mammadov, Deputy Chief of the State Agency for Insurance Supervision under the Ministry of Finance, said that in 2008 country’s insurance companies received AZN 1.23 million life insurance premiums.

“This is lower than the similar figure in 2007 by 52% and by 27% than in 2003,” Mammadov emphasized.

At the same time life insurance payments made AZN 0.15 million in 2008 that is lower by 62.5% than in 2007.