Azerbaijan sees rise in volume of insurance sector's assets
Baku, Azerbaijan, March 10
By Ilkin Shafiyev– Trend:
In 2017, the total volume of assets of Azerbaijan's insurance sector amounted to 1.006 billion manats, which is 1.1 percent (11.2 million manats) more than in 2016.
This is indicated in the report of the Azerbaijani Cabinet of Ministers on the results of activities for 2017.
Out of the total volume, 212.1 million manats accounted for the state securities, non-government securities - 81 million manats, deposit accounts - 358.9 million manats, other assets in cash - 68.3 million manats and other assets - 285.8 million manats.
In 2017, 21 insurance companies, one reinsurance company, 23 insurance brokers and 753 insurance agents operated in the Azerbaijani market.
Last year, the insurance companies operating in Azerbaijan collected 559 million manast of premiums, which is 15 percent more than in 2016. The insurance payments for the reporting period amounted to 260 million manats, demonstrating an increase of 9.4 percent.
Furthermore, 67 percent (376 million manat) of insurance fees fell on voluntary insurance and remaining 33 percent (183.1 million manat) - the mandatory. The voluntary insurance fees increased by 18 percent, and mandatory - by 9.4 percent.
(1.7 AZN = $1 on March 10)