Azerbaijan`s insurance market to keep on growing in 2018

Business Materials 22 January 2018 18:59 (UTC +04:00)

Baku, Azerbaijan, Jan. 22

By Anvar Mammadov – Trend:

Azerbaijan’s insurance market will keep on growing in 2018, said insurance expert Khayal Mamedkhanli.

“Last year was very successful for Azerbaijan`s insurance market, as for the first time the volume of insurance fees exceeded half a billion manats. The figure was expected to be around 500 million manats, but it exceeded our expectations. I believe that the growth trend will continue next year,” Mamedkhanli said on Jan. 22.

The expert believes that the fees of insurance companies may exceed the figure of 600 million manats this year.

“I believe that the market will continue to grow and the fees will increase by 10 percent. This means that the volume of collected insurance fees may exceed 600 million manats,” said Mamedkhanli.

Azerbaijan`s insurance companies collected fees worth 556.87 million manats in 2017, which is by 14.56 percent more than in 2016. Some 67.4 percent of all fees in the market fell on voluntary types of insurance, 32.6 – on compulsory.

Fees for voluntary types of insurance made up 375.23 million manats and for mandatory ones -181.6 million manats.

(1.7001 AZN = $1 on Jan. 22)