Baku. 27 February. REPORT.AZ/ In 2016 Azerbaijani insurance companies collected premiums in the amount of 486.074 mln AZN. Report informs referring to the Financial Markets Supervision Authority of the Republic of Azerbaijan (FIMSA) it is by 42.855 mln AZN or 9.68% more than in 2015.
Last year, the amount of insurance payments increased by 57.009 mln AZN or 31.63% and amounted to 237.251 mln AZN.
During the reporting period, 48.8 AZN insurance payments paid for every 100 AZN of insurance proceeds. In 2015 this figure was 40.7 AZN.
The share of life insurance amounted to 146.538 mln AZN or 30.2% of contributions and 94.979 mln AZN, or 40% of payments. Contributions in this segment of the insurance year on year increased by 25.81% or 30.06 mln AZN, payments - by 42.745 mln AZN or 81.84%.
Last year, 65.66% of fees accounted for voluntary, 34.34% - compulsory insurance.Thus, the voluntary insurance market increased by 37.974 mln AZN or 13.52% - up to 318.944 mln AZN compared with 2015.
Payments for voluntary types of insurance increased by 43.623 mln AZN or 32.12% up to 179.435 mln AZN.
The fees on compulsory insurance increased by 4.881 mln AZN or 3.01% - up to 166.816 mln AZN.During the reporting period, insurance companies paid on these types of insurance 57.815 mln AZNwhich by 13.386 mln AZN or 30.13% higher than a year earlier.