Voluntary insurance makes nearly 70% of premiums in Azerbaijan
Baku, Azerbaijan, Sept. 12
By Anvar Mammadov – Trend:
Azerbaijani insurance companies collected 223.46 million manats in January-July 2017 in voluntary insurance premiums, which is 6.9 percent more than in the same period of 2016, the Financial Market Supervisory Authority (FIMSA) said in a report.
Voluntary insurance premiums accounted for 69.2 percent of insurance market in the period, and the remaining part of premiums (30.8 percent, or 99.37 million manats) accounted for compulsory types of insurance, the volume of which decreased by 14.5 percent during the year.
The report said that 78.7 percent or 113.32 million manats of the payment of claims accounted for voluntary types of insurance (a growth by 29 percent during the year), while 21.3 percent or 30.69 million manats accounted for compulsory types of insurance (a decrease by 1.6 percent during the year).
One reinsurance and 22 insurance companies operate in Azerbaijan.