Compulsory insurance market increased by 13% in Azerbaijan

Baku. 20 November. REPORT.AZ/ In January-October, 62.3% or 236,1 mln AZN of insurance fees accounted for voluntary insurance. 

Report informs referring to the Azerbaijan Insurers Association (ASA), it is by 2.9% more compared to the same period last year.

Fees for compulsory insurance totaled 142.8 mln AZN, or 37.7% of the market. The market of compulsory insurance increased by 12.9% in comparison with the same period of last year.

For 10 months of the year 103 8 mln AZN, or 74.1% of payments accounted for voluntary insurance, which is by 7.3% more in comparison with the same period of last year. Payments for compulsory insurance totaled 36.2 mln AZN, or 25.9% of the market, which is by 4.6% more than the same period last year.

During the reporting period, for every 100 AZN fees on voluntary insurance had to pay 44 AZN.Last year this figure was 42.2 AZN. Payments for each 100 AZN fees for compulsory insurance fell from 27.4 to 25.4 AZN.