Over 60% of fees in Azerbaijan fall on voluntary insurance
Baku, Azerbaijan, Dec.29
By Azad Hasanli - Trend:
Some 251.9 million manats (AZN) of fees on the insurance market of Azerbaijan fell on voluntary types of insurance in January-November 2015, which is 2 percent more than in the same period of 2014, the message of Azerbaijan Insurers Association (AIA) said.
The official exchange rate on December 29 is 1.5578 AZN/USD.
The message said that voluntary types provided 62.5 percent of fees on the insurance market, the remaining part of the premiums (37.5 percent or 151.2 million manats) accounted for mandatory types of insurance, the volume of which grew by 11.6 percent for the year.
"Voluntary types of insurance accounted for 74.5 percent of payments, or 117.35 million manats (11.1 percent growth for the year), compulsory insurance - 25.5 percent, or 40.15 million manats (5.8 percent growth for the year)," the message said.
For every 100 manats of insurance fees, collected during the reporting period on types of voluntary insurance, payments worth 46.6 manats were made, whereas in January-November 2014, the figure was 42.7 manats.
Payments for every 100 manats made on types of compulsory insurance, fell from 28 manats in 2014 to 26.5 manats in 2015.
There are 27 insurance companies and 1 reinsurance company in Azerbaijan.