Insurance market in Azerbaijan increased by 14.3%

Baku. 23 July. REPORT.AZ/ During the first half of this year, the volume of insurance premiums of 27 insurance companies based in Azerbaijan amounted to 242.4 million manats, which is more by 14.3% in comparison with the same period of the previous reporting year. Report informs, the chairman of Azerbaijan Insurers Association, Orhan Bayramov said.

He said that, in the first half of the year, insurance companies made payments to 92.1 million manats, which is 40.8% more in comparison with the same period last year.

During the reporting period for each 100 AZN insurance premiums accounted 38 manats of insurance payments. This figure in the same period in 2014 amounted to 30.9 manats.

During the first half of this year, 63.3% or 153 300 000 manats of premiums accounted for voluntary insurance, which is 8.2% more in comparison with the same period of last year.

Fees for compulsory insurance totaled 89.1 million manats, or 35.7% of the market, which is 26.7% more than in the same period of last year.