Baku, Azerbaijan, Nov.19
By Azad Hasanli - Trend:
Some 62.3 percent or 236.1 million manats (AZN) of fees on the insurance market of Azerbaijan fell on voluntary types of insurance in January-October 2015, which is 2.9 percent more than in the same period of 2014, the head of Azerbaijan Insurers Association (AIA) Orhan Bayramov said at a press conference on the results of the ten months of 2015.
The official exchange rate on November 19 is 1.0506 AZN/USD.
Some 37.7 percent of premiums collected on the insurance market, i.e. 142.8 million manats accounted for fees for compulsory insurance. In comparison with January-October 2014, this figure increased by 12.9 percent.
"From the total volume of payments, some 74.1 percent or 103.8 million manats fall on voluntary insurance," said Bayramov. "This figure increased by 7.3 percent compared to January-October 2014."
Payments on types of compulsory insurance increased by 4.6 percent and amounted to 36.2 million manats or 25.9 percent of the total volume of payments.
For every 100 manats of insurance fees, collected during the reporting period on types of voluntary insurance, payments worth 44 manats were made, whereas in January-October 2014, the figure was 42.2 manats.
Payments for every 100 manats made on types of compulsory insurance, fell from 27.4 manats in 2014 to 25.4 manats in 2015.
There are 27 insurance companies and 1 reinsurance company in Azerbaijan.