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65% of insurance market in Azerbaijan formed voluntarily

18 November 2014 13:06 (UTC +04:00)

Baku. Parviz Nuriyev - APA-Economics. AZN 229.5 mln or 64.5% of insurance premiums collected during January-October, 2014, came from voluntary insurance types, up 2.8% or AZn 6.3 mln from previous year, said the Chairman of Azerbaijan Insurers Association Orkhan Bayramov.

Premiums on compulsory insurance types stood at AZN 126.5 mln or 35.5%of market, up 10.5% or AZN 12 mln from previous year.

73.6% or AZN 96.8 mln of payments went to voluntary types, up 40.8% (AZN 28 mln) by contrast to a year earlier. Compulsory insurance payments rose 14.6% or AZN 4.4 mln to AZN 34.6 mln.

AZN 42.2 was paid for each AZN 100 insurance premium from voluntary type during the reporting period. This figure was AZN 30.8 last year. Each payment for AZN 100 on compulsory insurance type rose to AZN 27.4 from AZN 26.4.