Insurance Market Grew by 9.7%

In 2016, insurance companies’ fees totaled 486 million 74 thousand manat, according to the Financial Markets Supervision Authority (FIMSA).

According to the report, compared with 2015 it is 9.7% or 42 million 855 thousand manat more.

Insurance payments by companies during the reporting period increased by 31.63%, or 57 million 9 thousand manat, amounting to 237 million 250 thousand 616 manat.

At the same time the life insurance market grew by 26%.

30.2% or 146 million 538 thousand manat of insurance fees and 40% or AZN 94 million 979 thousand of insurance premiums fell on life insurance.

In 2016, 65.66% of insurance fees were voluntary, and 34.34% were mandatory.

Fees for voluntary insurance increased by 13.52%, or 37 million 974 thousand manat during the reporting period, reaching 318 million 944 thousand manat, and payments increased by 32.12%, or 43 million 623 thousand manat, reaching 179 million 435 thousand manat.

Mandatory insurance market grew by 3%. Mandatory insurance fees rose to 166 million 816 thousand manat (an increase of 4 million 881 thousand manat or 3.01%). Mandatory insurance payments increased by 13 million 386 thousand manat or 30.13%, to 57 million 815 thousand manat.    ------71D