Azerbaijan’s insurance market grows by over 10%
Baku, Azerbaijan, Nov. 21
By Anvar Mammadov – Trend:
Azerbaijan’s 25 insurance companies collected 420 million manats (1.7091 AZN/USD on Nov. 21) in January-October 2016, which is 11 percent more than in the same period of 2015, the Financial Market Supervisory Authority said in a report Nov. 21.
In January-October 2016, the insurance premiums increased by 36 percent to hit 191 million manats.
Collections on voluntary insurance increased by 15 percent to 272.2 million manats, while payments on voluntary insurance rose by 38 percent to stand at 143.68 million manats.
Collections on compulsory insurance amounted to 148 million manats (a 4-percent increase) and payments on compulsory insurance were 47 million manats (a 30-percent increase), according to the report.