Local insurance market resumes growth

26 September 2017 11:05 (UTC+04:00)

By Sara Israfilbayova

Azerbaijan’s insurance companies collected insurance premiums in the amount of 368.92 million manats in January-August 2017.

The figure is more by 3.6 percent compared to the same period of 2016, says a report of Financial Market Supervisory Authority (FIMSA).

During the period, payment of insurance claims totaled 167.06 million manats that is 22.1 percent more than in the same period of 2016.

Premiums on voluntary types of insurance increased by 11.7 percent – up to 252.98 million manats, while the payment of claims rose by 30.5 percent – up to 130.75 million manats.

The companies’ premiums on compulsory types of insurance decreased by 10.5 percent and amounted to almost 115.94 million manats, and payment of claims decreased by 0.7 percent – to 36.31 million manats.

Currently, 22 insurance companies are implementing their activities in the country.

First Top 5 of general insurance companies in 2016 is as follows: PASHA Insurance (premiums-100.012 million manats-$58.802 million), PASHA Life (77.678 million manats-$45.671 million), AzerInsurance (41.224 million manats-$24.238 million), Ateshgah (39.814 million manats-$24.408 million), Ateshgah Life (37.435 million manats-$22.010 million).

Life insurance market in Azerbaijan appeared in 2011. Currently 3 insurance companies including PASHA Life, Ateshgah Life and Qala Life have licenses to provide life insurance services.

By the end of 2016 the life insurance companies formed 30.2 percent of total premiums for 146.85 million manats ($86.340 million) and total compensations for 94.979 million manats ($55.840 million). 


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