Credit insurance causes serious damage to Azerbaijani insurers

Baku. 27 February. REPORT.AZ/ Pyments on the credit insurance exceeded premiums by 3-fold in Azerbaijan last year.

Report informs citing the Financial Markets Supervision Authority (FIMSA).

According to information, revenues of insurance companies from credit insurance made 21 326 AZN in 2016, while insurers paid 56 047 AZN for outstanding loans.

In other words, payment/premium rate on credit insurance was 2.63-fold. However, in 2015, insurance companies directed 23% of credit insurance fees towards payment.