Insurance assets in Azerbaijan up by 2%

Baku. 7 March. REPORT.AZ/ Total assets of Azerbaijan insurance sector rose by 1.9% during last year to amount 1 031 mln AZN by January 1, 2017. Report informs, this has been reflected in 2016 report of Cabinet of Ministers.

Document reveals that 44.4% or 457 mln AZN of total assets have been concentrated in deposits: “Insurance primes from deals signed in 2016 amounted 486 mln AZN, featuring 10% or 44 mln AZN rise in annual comparison. 66% (319 mln AZN) of insurance primes come from voluntary, 34% (167 mln AZN) from compulsory insurance payments. Annual comparison reveals 3% (5 mln AZN) rise in compulsory and 12% (39 mln AZN) rise in voluntary insurance collections.

Life insurance collections also grew: “Primes for life insurance until end of the reporting period feature 26% rise in annual comparison to occupy 30% (146 mln AZN) of total collections. General insurance collections amount 340 mln AZN, featuring 4% (13 mln AZN) growth”.

Report reveals that insurance payments also increased in reporting period: “Total insurance payments are up by 31% or 57 mln AZN, life insurance payments by 82.7% or 43 mln USD. 76% or 179 mln AZN of insurance payments include voluntary, 24% or 58 mln AZN - compulsory insurance types”.