Azerbaijan sees 12.4% surge in insurance market
By Trend
Premiums collected by Azerbaijan’s insurance companies totaled 504.2 million manats in January-November 2017, 12.4 percent more than in the same period of 2016, the country’s Financial Market Supervisory Authority (FIMSA) said in a report Dec. 18.
Payments of claims by the Azerbaijani insurance companies totaled 230.88 million manats in January-November 2017, 5.9 percent more than in the same period of 2016.
Some 67 percent of all premiums in the market accounted for voluntary insurance, the share of voluntary insurance on claims was 78 percent.
Voluntary insurance premiums amounted to 335.76 million manats, payments - 179.72 million manats. The premiums on compulsory insurance amounted to 168.47 million manats, payments - 51.16 million manats.
Payments of claims by the Azerbaijani insurance companies totaled 45.79 manats for every 100 manats of premiums. During the same period last year, this figure was 48.61 manats.
Twenty-one insurance companies operate in Azerbaijan.
(1.7001 manats = 1 USD on Dec. 18)
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