Voluntary insurance market increased by 6% in Azerbaijan

Volunteers formed 64% of Azerbaijan's insurance market

Baku. 18 June. REPORT.AZ/ in January-May of this year, 64.4% or 133,7 million manats of collected premiums accounted for voluntary insurance. This is more by 6.3% compared to the same period last year.

"Report" informs referring to the Azerbaijan Insurers Association (ASA), while accumulation of compulsory insurance amounted to 73.9 million manats or 35.6% of the market. Compared to the same period last year compulsory insurance market grew by 21%.

6.9% of the total payment in the first 5 months, or 57.3 million manats accounted for voluntary insurance.

Voluntary insurance payments increased by 46% compared to the same period last year.Compulsory types of insurance payment made 17.2 million manats or 23.1% of the market.This is 8% higher than the same period last year.

During the reporting period, for every 100 manats of insurance premium collected from voluntary insurance 42,8 manats have been paid.For the same period of last year the figure was 31,2 manats. Mandatory insurance collected up to 100 manats, fell from 26.2 to 23.3.

in January-May a total of 207,6 million manats insurance premiums collected through an insurance company. This is by 11.1% more than in the same period of 2014.

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