Baku, Azerbaijan, Jan. 22
By Azad Hasanli - Trend:
Some 66.3 percent or 284.7 million AZN of fees on the insurance market of Azerbaijan fell on voluntary types of insurance in 2014, which is 5.1 percent or 13.7 million AZN more than in 2013, the head of Azerbaijan Insurers Association (AIA) Orhan Bayramov said at a press conference on the results of the year and the upcoming challenges in 2015.
Some 33.7 percent of premiums collected on the insurance market, i.e. 144.5 million AZN accounted for fees for compulsory insurance. In comparison with January-December 2013, this figure increased by 7.3 percent or 9.8 million AZN.
"From the total volume of payments, some 73 percent or 114.7 million AZN fall on voluntary insurance," said Bayramov. "This figure increased by 35.1 percent or 29.8 million AZN compared to 2013."
Payments on types of compulsory insurance increased by 11.9 percent or 4.5 million AZN, and amounted to 42.5 million AZN.
For every 100 AZN of insurance fees, collected during the reporting period on types of voluntary insurance, payments worth 40.3 AZN were made, whereas in January-December 2013, the figure was 31.3 AZN.
Payments for every 100 AZN made on types of compulsory insurance, increased from 28.2 AZN in 2013 to 29.4 AZN in 2014.
The statistical report of the ministry of finance takes into account 28 insurance companies, including the Royal Sigorta, the license of which was revoked.
The official exchange rate on January 22 is 0. 7844 AZN / USD.
Edited by CN
Follow the author on Twitter: @AzadHasanli
