Insurance market ups
By Nigar Abbasova
The insurance market of Azerbaijan recorded a significant growth in 2016.
The Financial Market Supervisory Body (FMSB) reported that insurance companies of the country collected premiums worth some 486.7 million manats ($ 278.5 million) in 2016. The increase amounted to 9.68 percent as compared to figures of 2015.
The amount of insurance payments in the reported period increased by some 31.63 percent and stood at 237.25 million manats ($ 135.76 million).
An increase was also recorded in the market of voluntary insurance, with collections standing at 319 million manats ($ 182.5 million) (an increase of 13.52 percent) and payments at 179.4 million manats ($ 102.6 million) (increase of 32.12 percent).
Payments in the market of non-life insurance amounted to 142.27 million manats (some 60 percent of all payments), while collections stood at 340.2 million manats.
Collections of companies increased 3.01 percent and stood at 166.8 million manats ($95.45 million) in the market of compulsory insurance, while payments increased 30.13 percent to stand at 57.8 million manats ($ 33.07 million).
The companies paid some 48.8 manats ($ 27.92) for each insurance proceed worth 100 manats ($ 57.2), as compared to the figure of 40.7 manats in 2015.
Some 21 insurance companies and one re-insurance company are operating in the country.
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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova
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