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65% of insurance market in Azerbaijan formed voluntarily

18 December 2014 10:50 (UTC +04:00)

Baku. Musa Ahmadov - APA-Economics. AZN 247.3 mln or 64.6% of insurance premiums collected during January-November, 2014, came from voluntary insurance types, up 1.8% or AZN 4.4 mln from previous year, said the Chairman of Azerbaijan Insurers Association Orkhan Bayramov.

Premiums on compulsory insurance types stood at AZN 135.5 mln or 35.4%of market, up 7.5% or AZN 9.5 mln from previous year.

73.6% or AZN 105.6 mln of payments went to voluntary types, up 36.9% (AZN 28.5 mln) by contrast to a year earlier. Compulsory insurance payments rose 13.7% or AZN 4.6 mln to AZN 37.9 mln.

AZN 42.7 was paid for each AZN 100 insurance premium from voluntary type during the reporting period. This figure was AZN 31.8 last year. Each payment for AZN 100 on compulsory insurance type rose to AZN 28 from AZN 26.5.