Over 65% of insurance market in Azerbaijan formed voluntarily

Over 65% of insurance market in Azerbaijan formed voluntarily
# 22 January 2015 14:17 (UTC +04:00)

Baku. Musa Ahmadov - APA-Economics. AZN 284.7 mln or 66.3% of insurance premiums collected throughout 2014 came from voluntary insurance types, up 5.1% or AZN 13.7 mln from previous year, said the Chairman of Azerbaijan Insurers Association Orkhan Bayramov.

Premiums on compulsory insurance types stood at AZN 144.5 mln or 33.7%of market, up 7.3% or AZN 9.8 mln from previous year.

73% or AZN 114.7 mln of payments went to voluntary types, up 35.1% (AZN 29.8 mln) by contrast to a year earlier. Compulsory insurance payments rose 11.9% or AZN 4.5 mln to AZN 42.5 mln.

AZN 40.3 was paid for each AZN 100 insurance premium from voluntary type during the reporting period. This figure was AZN 31.3 last year. Each payment for AZN 100 on compulsory insurance type rose to AZN 28.2 from AZN 29.4.

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