Azerbaijani insurance market increased by almost 30% during the 1st quarter

In the 1st quarter of 2018 insurance companies of Azerbaijan generated GWP up by 28.2% y-o-y, - said the official report of the Financial Market Supervisory Authority of Azerbaijan. Paid claims of the same period slightly exceeded the last year's figure.

According to the report 81.3% of all GWP was produced by voluntary classes, 18.7% - by compulsory insurance. In terms of claims the share of voluntary classes amounted to 73.7%, and the share of compulsory insurance for the 1st quarter was 26.3%.

GWP of voluntary classes equaled AZN 157.06 million (~ EUR 74.64 million), claims - AZN 44.44 million (~EUR 21.12 million). GWP of compulsory insurance equaled AZN 36.06 million (~EUR 17.14 million), claims - AZN 15.86 million (~EUR 7.54 million).

Based on the data of the Financial Market Supervisory Authority of Azerbaijan the insurance market of the country at the moment is represented by 21 insurance companies.

*(for approximate conversion) 1 EUR = 2.1043 AZN (as of 19.04.2018, the date of the report publication)

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