Country's insurance market grows
Azerbaijani insurance companies collected premiums worth 568.5 million manats ($334.41 million) in January-September 2018, which is 37.2 percent more than the same period last year.
Azerbaijani insurance companies collected premiums worth 568.5 million manats ($334.41 million) in January-September 2018, which is 37.2 percent more than the same period last year.
The Financial Market Supervisory Authority reported that payments of insurance companies over the period amounted to 186.9 million manats ($109.94 million), which is 0.9 percent less than the figure for the first nine months of 2017.
According to the report, 73 percent (414.9 million manats-$244.06 million) of all fees in the market fell to voluntary insurance, 27 percent (153.6 million manats-$90.35 million) - to compulsory.
The share of voluntary insurance amounted to 73.5 percent (137.3 million manats-$80.76 million), while compulsory insurance accounted for 26.5 percent (49.6 million manats-$29.18 million) of payments.
In January-August 2018, insurance companies operating in Azerbaijan collected premiums worth 517 million manats ($304.12 million), which is 40 percent more than in the same period last year.
Payments of the insurance companies over the same period amounted to 169 million manats ($99.41 million), which is 1.2 percent more than the figure for the first eight months of 2017.
Currently, 21 insurance companies are implementing their activities in Azerbaijan.
Top general insurance companies in January-June 2018 come as follows: AzerInsurance (34.91 million manats-$20.53 million), Ateshgah (19.69 million manats-$11.58 million), Mega Insurance (15.23 million manats-$8.96 million), AtaInsurance (10.35 million manats-$6.09 million).
Among the insurance companies in the first half of 2018, PASHA Life Insurance also made the largest payments, reimbursements of which amounted to 31.65 million manats ($18.61 million) or 26.5 percent of all payments of insurers.
PASHA Insurance became the leader in terms of payments in other types of insurance (25.46 million manats-$15 million). The list of leading insurance companies in terms of the volume of refunds made in this segment, following the results of the reporting period also included: Ateshgah (9.66 million manats$5.68 million), AzerInsurance (7.85 million manats-$4.62 million), AXAMbask (4.69 million manats-$2.76 million) and AzInsurance (4.17 million manats-$2.45 million).