Insurance Market reported a 17.7% Y-o-Y Growth in H1, 2016

The Azerbaijani voluntary and compulsory insurance market segments have exhibited an encouraging movement in the first six months of this year.


The volume of insurance payments via 25 insurance firms in the country has increased by 17.7% (AZN 42.95m) to AZN 285.3m in the first half of 2016, as against the first half of 2015.


Both voluntary and compulsory insurance markets have demonstrated a positive trend.


The size of payments made by the local insurers stood at around AZN 101.4m during the January-June period of this year, reflecting a growth of 10.1% over the year ago period, revealed the Azerbaijan Insurers Association.


A positive growth trend in voluntary as well as compulsory insurance markets has been witnessed during the period under review.


In the reporting period, the fees for voluntary insurance grew 15.54% to AZN 177.1m, while payments augmented to 75.1m, up 4.93% over the last year period.


The Azerbaijani life insurance companies collected 1.2-fold more premiums during the first half of this year, while payments rose by 35%.


Premiums collected in the non-life insurance market segment, on the other hand, had augmented by 7.5% growth, whilst payments had declined up by 5% during the first half.


For the January-June period of 2016, an amount of AZN 35.5 AZN was paid for each 100 AZN insurance premium collected from insurance market compared to the same period earlier year?s figure of AZN 38.

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