Azerbaijan's insurance market grows again

Baku. 25 September. REPORT.AZ/ In January-August, 368,915 mln AZN insurance premiums collected through 22 insurance companies operating in Azerbaijan.

Report informs citing the Financial Market Supervisory Authority of the Republic of Azerbaijan (FIMSA), this figure is 3,6% more compared with the same period last year.

Notably, last time growth in the Azerbaijani insurance market was registered at the end of January-April. During 4 months, local insurers' receipts totaled 194,172 mln AZN, which is 0.75% more than a year earlier. In January-May, January-June and January-July, insurance market showed decline by 0.8%, 3.2% and 0.8% respectively. In other words, after a 3-month break, the market has grown again.

68,6% or 252,978 mln. AZN of the total payment accounted for the types of voluntary insurance, while 31,4% or 115,937 mln. AZN for compulsory. Over the past year, voluntary insurance market grew by 11.7% and compulsory insurance market declined by 10.5%

47.3% or 79.05 mln AZN of insurance fees, collected during reporting period, accounts for life insurance. 52.7% or 88.011 mln. AZN accounted for non-life insurance.

Compared with the first eight months of 2017 (in annual terms), life insurance payments increased by 63.1%, non-life insurance payments decreased by 0.3%.