75% of payments account for voluntary insurance in Azerbaijan
Baku, Azerbaijan, Oct. 28
By Anvar Mammadov – Trend:
Some 250.79 million manats of insurance payments in Azerbaijan’s insurance market accounted for voluntary insurance in the first nine months of 2016, which is 18.7 percent more than in the same period of 2015, the Azerbaijan Financial Markets Supervision Chamber said Oct. 28.
The Chamber said the voluntary insurance types provided 64.2 percent of insurance premiums in the market, and the remaining part of the premiums (35.8 percent or 139.55 million manats) accounted for mandatory types of insurance, the volume of which grew by 9.02 percent for the year.
“Voluntary types of insurance accounted for 75.1 percent of payments, or 125.2 million manats (a 31.9-percent growth for the year), while compulsory insurance accounted for 24.9 percent or 41.55 million manats (a 27.8-percent growth),” the message said.
There are 25 insurance companies and 1 reinsurance company in Azerbaijan.
Official rate is 1.6381 AZN/USD as of Oct. 28.
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