Azerbaijan's insurance market sees growth

By  Trend

In January-May 2018, Azerbaijan's insurance companies collected 350.8 million manats in premiums, which is 46.11 percent more than in the same period last year, according to a report issued by Azerbaijan’s Financial Market Supervisory Authority (FIMSA) on June 14.

Payments of the insurance companies during the same period amounted to 97.5 million manats, which is 0.46 percent less than in January-May 2017.

According to the report, 73 percent (255.4 million manats) of all collected premiums in the market accounted for voluntary insurance, 27 percent (95.4 million manats) - for mandatory insurance.

In payments, the share of voluntary insurance amounted to 72 percent (69.8 million manats), while 28 percent (27.7 million manats) accounted for compulsory insurance.

Twenty-one insurance companies operate in Azerbaijan.

($1 = 1.7 AZN on June 14).