Insurance market in Azerbaijan soars by 15%

Baku. 16 January. REPORT.AZ/ Last year, 21 insurance companies operating in Azerbaijan collected a total insurance premium of 556,866,578 AZN, while amount of payments made 257,109,597 AZN.

Report informs referring to the Financial Market Supervisory Authority of the Republic of Azerbaijan (FIMSA).

According to report, insurance premiums increased by 14.56% in annual comparison and payments by 8.37%.

46.2 AZN of each 100 AZN insurance premium collected in the insurance market in 2017 was directed to the payments on insurance events. Notably, this figure made 48.8 AZN at the end of 2016.

Revenues from voluntary insurance market amounted to 375.231 mln AZN, payments about to 199.425 mln AZN.

During the reporting period, 67.4% of total insurance premiums in the country accounted for voluntary and 32.6% for compulsory types of insurance. 77.6% of insurance payments was formed on the account of voluntary and 22.4% of the compulsory type of insurance.