Coun­try's in­sur­ance mar­ket grows

Azer News - - Front Page - By Sara Is­rafil­bay­ova

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).

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