Azerbaijan's insurance market hits new record in 2018

Trend:

In 2018, Azerbaijani insurance companies collected 728 million manats in premiums, which is 30.7 percent more than in 2017, Trend reports referring to Azerbaijan’s Financial Market Supervisory Authority (FIMSA) Jan. 25.

The insurance companies' payments during the period amounted to 240.3 million manats, which is 6.54 percent less than in 2017.

According to the report, 73.7 percent (536.2 million manats) of all fees in the market accounted for voluntary insurance, 26.3 percent (191.8 million manats) for compulsory insurance.

As for the payments, the share of voluntary insurance was 71.8 percent (172.5 million manats) and compulsory insurance – 28.2 percent (67.8 million manats).

Twenty-one insurance companies operate in Azerbaijan.

(1 USD = 1.7 AZN on Jan. 25)