By Azernews

By Sara Israfilbayova

Azerbaijani insurance companies collected premiums in the amount of 276.16 million manats ($162.37 million) in the first half of 2017, which is 3.2 percent less than in the same period of 2016.

The Financial Market Supervision Body’s (FMSB) report reads that payments of the insurance companies for the same period amounted to 124.4 million manats ($73.14 million), which is 22.7 percent more compared to the same period of 2016.

Voluntary insurance fees increased by 9.4 percent, to 193.8 million manats ($113.95 million), payments - by 31.25 percent, to 98.57 million manats ($57.95 million).

For compulsory types of insurance, the fees decreased by 23.9 percent, amounting to almost 82.36 million manats ($48.42 million), and payments increased by 1.9 percent to 25.8 million manats ($15.17 million).

Payments of insurance companies totaled to 45 manats ($26) for every collected 100 manats ($58). This figure was 35 manats ($20) in the same period of 2016.

Currently, 21 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).