Insurance market to increase to 9% in Azerbaijan by late 2014

Business Materials 16 September 2014 17:15 (UTC +04:00)

Baku, Azerbaijan, Sept. 16

By Azad Hasanli - Trend:

Around 28 insurance companies collected premiums worth 283.3 million AZN in Azerbaijan in January-August 2014 or by 6.6 percent (17.5 million AZN) more than in the same period of last year, head of Azerbaijan Insurers Association Orhan Bayramov said at a press conference on Sept. 16.

"The insurance market growth rates have increased since 2008-2009," he said. "We expect that they will vary between 6-8 percent or 6-9 percent until late 2014."

The companies made the insurance payments worth 103.5 million AZN in the reporting period or by 33 percent (25.7 million AZN) more than in January-August last year.

Around 36.6 AZN payments account for every 100 AZN of collected insurance premiums. This index was 29.3 AZN in January-August 2013.

The official exchange rate is 0.7843 AZN/USD on Sept. 16.