Volume of insurance premiums per capita to grow by 2.5 times in Azerbaijan by 2020
Azerbaijan, Baku, Oct. 2 /Trend E. Aliyev/
In perspective the medium amount of insurance premiums per capita in Azerbaijan will exceed 100 manats, chairman of the Azerbaijan Insurers Association Orhan Bayramov said, speaking at the conference 'Dynamics of Insurance Market Development in Azerbaijan: 2003-2013', held on Wednesday.
"Thus, in 2002 this figure was five manats, whereas in 2012 it has already reached 37 manats at an average annual growth of about 22 percent," Bayramov said.
According to him, over the past 10 years, Azerbaijan's insurance market increased by 8.2 times - from 41.87 to 341.65 million manats.
"During the reporting period, premiums for voluntary insurances increased six times, for obligatory insurances - for more than 40 times. Moreover, broadening of the range of insurance products contributed to the increase in insurance payments by 14 times, as well as voluntary insurance - by 15 times, and obligatory insurance - by 11 times. The annual average growth was around 30 percent," Bayramov said.
The official exchange rate for Oct. 2 is 0.7845 AZN/USD.