Over 80% of insurance market in Azerbaijan formed voluntarily

Over 80% of insurance market in Azerbaijan formed voluntarily
# 23 February 2015 15:33 (UTC +04:00)

Baku. Musa Ahmadov - APA-Economics. AZN 50.9 mln or 80.9% of insurance premiums collected in January, 2015, came from voluntary insurance types, down 7.8% from previous year, said the Chairman of Azerbaijan Insurers Association Orkhan Bayramov.

Premiums on compulsory insurance types stood at AZN 12 mln or 19.1%of market, up twice from previous year.

73.1% or AZN 7.5 mln of payments went to voluntary types, up 32.9% by contrast to a year earlier. Compulsory insurance payments rose 15.7% to AZN 2.8 mln.

AZN 14.8 was paid for each AZN 100 insurance premium from voluntary type during the reporting period. This figure was AZN 10.3 last year. Each payment for AZN 100 on compulsory insurance type fell to AZN 23.1 from AZN 40.2.

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