Compulsory insurance market in Azerbaijan has reduced

17:34 - 26.10.2017


Over Jan-Sept 2017 country's 22 insurance companies collected AZN 414.35 million and paid AZN 188.58 million

The Financial Market Supervision Chamber reports that the voluntary insurance market increased by AZN 30.86 million up to AZN 281.648 million compared to the same term of 2016.

"Compensation payments on voluntary insurance increased by AZN 22.3 million up to AZN 147.726 million. The market of compulsory insurance observes a trend of decline, as for the past 9 months of the year the insurance companies collected AZN 132.705 million on those types of insurance that is by AZN 6.846 million less than for Jan-Sept 2016. Compensation payments decreased by AZN 694,000 to AZN 40.85 million,” the Chamber said.

According to the Chamber, 78% of compensation payments accounted for voluntary insurance and 22% for compulsory insurance.

 

 

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