Insurance market indicators for Jan-Oct 2019 published


November 27, Fineko/abc.az. The Financial Market Supervision Authority (FIMSA) has unveiled the indicators of the insurance market for the first 10 months of the year.

ABC.AZ reports with reference to FINSA’s report data that for the reported term the insurance companies operating in the country collected insurance premiums for AZN 570.5 million and paid compensations for AZN 225.5 million. Premiums reached AZN 387 million and compensation payments AZN 159.7 million on the voluntary insurance, while AZN 183.5 million and AZN 65.8 million on the compulsory insurance.

Over Jan-Oct 2019 the share of voluntary insurance premiums made up 67.8% and compulsory insurance 32.2%. 70.8% of insurance payments are formed at the expense of voluntary and 29.2% at the expense of compulsory types of insurance. In voluntary types of insurance premiums continue to grow by 4% or AZN 7.4 million and in compulsory by 7% or AZN 9 million.

The largest increase in voluntary types is observed in health insurance. Thus, compared with the 2018 same term, there was a rise of 14% or AZN 9.9 million. Of the types of property insurance on voluntary types, there is also an increase in vehicle insurance (motor vehicle insurance by 25% or AZN 5.7 million, water transport insurance by 28% or AZN 1.7 million, air transport insurance by 5% or AZN 500,000).