Assets of Azerbaijani insurance sector increase
Baku, Azerbaijan, Mar. 13
By Anvar Mammadov – Trend:
Assets of Azerbaijan’s insurance sector increased in 2016 by 1.9 percent and amounted to 1.031 billion manats, as compared to 2015, says the government’s report for 2016.
According to the report, 44.4 percent of insurance assets (457 million manats) were accumulated in bank deposits.
Twenty-one insurance companies, one reinsurance company, 21 insurance brokers and 769 insurance agents operated in Azerbaijan’s insurance market as of late 2016.
In 2016, the companies operating in the country’s insurance market collected 486.7 million manats in premiums, that is, 9.68 percent more than in 2015. Meanwhile, 66 percent (319 million manats) of insurance premiums accounted for voluntary types of insurance, while the remaining 34 percent – for compulsory types of insurance.
Premiums on compulsory types of insurance increased by 3 percent and on voluntary types by 12 percent.
In 2016, insurance payments reached 237.25 million manats, which exceeds the indicator of 2015 by 31.63 percent.
The country’s insurance companies paid 48.8 manats per each 100 manats of insurance premiums. In 2015, this indicator was 40.7 manats.