Azerbaijan's insurance market sees record growth rates

By Trend

In January-April 2018, Azerbaijan's insurance companies collected 301.4 million manats in premiums, which is 55 percent more than in the same period last year, according to a report issued by Azerbaijan’s Financial Markets Supervisory Authority (FIMSA) on May 18.

Payments of the insurance companies during the same period amounted to 78.5 million manats, which is 4.25 percent higher than in January-April 2017.

According to the report, 73.3 percent (220.9 million manats) of all collected premiums in the market accounted for voluntary insurance, 26.7 percent (80.5 million manats) - for mandatory insurance.

In payments, the share of voluntary insurance amounted to 72.5 percent (56.9 million manats), while 26.5 percent (21.6 million manats) accounted for compulsory insurance.

Twenty-one insurance companies operate in Azerbaijan.