Insurance premium to reach 50 AZN per capita in Azerbaijan

ACA: 62% of the insurance market is formed by voluntary types of insurance

Baku.16 September. REPORT.AZ/ Insurance premiums per capita will reach 50 AZN in Azerbaijan.

Report informs, it was stated by chairman of Azerbaijan Insurers Association (ASA) Orkhan Bayramov.

O.Bayramov noted that the growth of dynamics of the insurance market on a monthly basis relatively decreased due to reduced activity in the summer months:"With the growth of activity in September and October projected amount of insurance premiums (50 AZN) can be reached. Last year the amount of premiums per capita was 45-46 manats".

ACA Chairman added that, 62% of insurance market is formed by voluntary types of insurance.According to him, in the next 3-4 years life insurance will occupy third of insurance market.

In January-August, the share of life insurance made 26.2% or 82 mln AZN.Life insurance market grew by 17.4% compared to the same period last year.

Insurance payments on life insurance amounted to 32.8 million manats, which made 28.2% of total insurance premiums.This is 60.5% more compared to last year.

O.Bayramov also said that discussions will take place on October 4-5, on the proposals of insurance companies at CASCO tariffs.According to him, the main purpose - introduction of balanced tariffs at CASCO insurance.

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