Over 80% of fees in Azerbaijan fall on voluntary insurance
Baku, Azerbaijan, Feb. 23
By Azad Hasanli - Trend:
Some 80.9 percent or 50.9 million manats (AZN) of fees on the insurance market of Azerbaijan fell on voluntary types of insurance in 2014, which is 7.8 percent less than in 2014, the head of Azerbaijan Insurers Association (AIA) Orhan Bayramov said at a press conference on the results of the last month.
The official exchange rate on February 23 is 1.05 AZN / USD.
Some 19.1 percent of premiums collected on the insurance market, i.e. 12 million manats accounted for fees for compulsory insurance. In comparison with January 2014, this figure increased by 2 times.
"From the total volume of payments, some 73.1 percent or 7.5 million manats fall on voluntary insurance," said Bayramov. "This figure increased by 32.9 percent compared to January 2014."
Payments on types of compulsory insurance increased by 15.7 percent and amounted to 2.8 million mantas or 26.9 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 14.8 manats were made, whereas in January 2014, the figure was 10.3 manats.
Payments for every 100 manats made on types of compulsory insurance, fell from 40.2 manats in 2013 to 23.1 manats in 2014.
There are 27 insurance companies and 1 reinsurance company in Azerbaijan.
Edited by CN
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