Voluntary insurance makes almost 80% of premiums in Azerbaijan
Baku, Azerbaijan, Sept. 26
By Azad Hasanli – Trend:
Azerbaijan’s insurance companies voluntary insurance premiums totaled 253 million manats in January-August 2017 that is 11.45 percent more than in the same period of 2016, the Financial Market Supervisory Authority (FIMSA) said in a report.
Voluntary insurance premiums accounted for 68.6 percent of insurance market in the period, and the remaining part of premiums (31.4 percent, or 115.9 million manats) accounted for compulsory types of insurance, the volume of which decreased by 10.57 percent during the year.
According to the report, 78.3 percent or 130.75 million manats of the payment of claims accounted for voluntary types of insurance (a growth by 30.5 percent during the year), while 21.7 percent or 36.3 million manats accounted for compulsory types of insurance (a decrease by 0.8 percent during the year).
One reinsurance and 22 insurance companies operate in Azerbaijan.