Azerbaijan's insurance market grows

Business Materials 19 March 2018 18:22 (UTC +04:00)

Baku, Azerbaijan, March 19

By Anvar Mammadov - Trend:

In January-February 2018, Azerbaijani insurance companies collected premiums for 130.2 million manats, which is by 25.4 percent more than the same period last year, according to the report of Azerbaijan’s Financial Market Supervisory Authority (FIMSA)

The insurance companies' payments during the reported period amounted to 40.5 million manats, which is by 7.7 percent less than in January-February 2017.

According to the report, 82 percent of all fees in the market accounted for voluntary insurance, 18 percent for mandatory. As for the total volume of payments, the share of voluntary insurance made up 73 percent, and compulsory insurance - 27 percent.

The voluntary insurance fees amounted to 106.78 million manats, and payments - 29.64 million manats. Fees for compulsory types of insurance amounted to 23.38 million manats, and payments - 10.85 million manats.

21 insurance companies operate in Azerbaijan.