Azerbaijani insurance market grew by 18% in first half of year

Baku. 10 August. REPORT.AZ/ In January-June this year, the volume of insurance payments via 25 insurance companies in Azerbaijan amounted to 285,3 mln AZN, which is more by 17,7% or 42,95 mln AZN than in the same period of 2015.

Report informs referring to the Azerbaijan Insurers Association, in the reporting period, amount of payments carried out by insurance companies were approximately 101,4 mln AZN. This is 10,1% more than in first half of 2015.

During the reporting period there was a positive trend both in voluntary and compulsory insurance markets. In January-June fees for voluntary insurance and payments increased by 15,54%, and 4,93% respectively and amounted to 177,1 mln AZN and 75,1 mln AZN respectively.

Premiums collected in life insurance market increased 1,2 times, and payments by 35%. In non life insurance market premiums increased by 7,5%, and payments decreased by 5%,

During the reporting period 35,5 AZN payment was made for each 100 AZN insurance premium collected from insurance market. In January-June 2015, the figure was 38 AZN.