Country’s insurance market slightly reduces

By Azernews

By Sara Israfilbayova

Azerbaijan’s insurance companies collected premiums worth 150.68 million manats ($88.5 million) in January-March 2017, which is 1 percent less than in the same period of 2016.

During the first three months of 2017, the insurance companies paid 60.29 million manats ($40.7 million) for insurance cases. The figure is more by 14.7 percent compared to January-March of the previous year, reads a report by the Financial Market Supervisory Body.

Voluntary insurance fees increased by 4 percent, up  to 111.9 million manats ($65.7 million), payments - by 16 percent, to 47.34 million manats ($27.8 million).

Fees on compulsory types of insurance decreased by 13.65 percent, amounting to almost 38.77 million manats ($22.7 million), and payments increased by 11 percent - to 12.95 million manats ($7.6 million).

During the reported period, for every hundred manats insurance companies paid 40 manats ($23). In January-March of 2016 this indicator was 35 ($20) manats.

Some 21 insurance companies are currently implementing their activities in the country.

Last year 4 insurance companies were closed. Recently, Bashak insurance company made a decision to leave the market.