Azerbaijani insurance companies collected more than half a billion manat in 2017


January 16, Fineko/ Azerbaijani insurance companies raised premiums in the amount of AZN 556,866,000 in January-December 2017.

Financial Market Supervisory Authority reports that companies paid out AZN 247,109,000 in the reported period.

"In January-December, there were AZN 46.2 for every 100 manats of collected premiums, compared to AZN 48.8 for 2016," the report says.

Premiums on voluntary insurance amounted to AZN 375,231,000 in January-December 2017 and payments on compulsory insutance made AZN 199,425,000.

"In general, voluntary insurance constituted 67.4% of total premiums and compulsory insurance 32.6%. 77.6% is the share of voluntary payments and 22.4% are compulsory types of insurance.

Azerbaijan currently accounts for 21 insurance companies.