Azerbaijan's insurance market grew by 15%

Baku. 28 October. REPORT.AZ/ In January-September this year, 390 mln AZN insurance premiums collected through 25 insurance companies operating in Azerbaijan.

Report informs citing the Financial Markets Control Chamber, this figure is more by 51 mln AZN or 15,1% compared with the same period last year.

During the reporting period, amount of the payments carried out by the insurance companies made 167 mln AZN, which is more by 31% than 1 year ago.

Positive trend was observed both in volunteer and compulsory insurance in 9 months. Thus, revenues on volunteer insurance types increased by 18.7%, premiums by 32.2% and made 250.8 mln AZN and 125.4 mln AZN respectively. Also, revenues on compulsory insurance types increased by 9%, premiums by 27.7% and made 140 mln AZN and 41.5 AZN respectively.

29.7% or 116 mln AZN of insurance fees, collected during the reporting period, accounts for life insurance.

Charges in the non-life insurance market of voluntary insurance increased by 8.9%, payments by 1%. The figures on compulsory insurance type grew by 10.8% and 26.1% respectively.

In 9 months of current year, 75.1% of the total payment accounted for the types of voluntary insurance, while 24.9% for compulsory.

During the reporting period, 42.8 AZN payment was carried out for each 100 AZN insurance fee collected in the insurance market. This figure made 37.6 AZN in the same period last year.