Premiums for compulsory insurance in the local market have increased in comparison with the results of last year's 3rd quarter by 9.1%. Much more modest (0.8%) was growth in voluntary species.
The head of Azerbaijan Insurers Association (AIA) Orkhan Bayramov told Turan that by 1 October premiums for voluntary insurance were 204,100,000 manat (65% of total premiums of the insurers). Compulsory insurance premiums amounted to 110 million manat. According to experts, 35% is a large amount for compulsory insurance, which traditionally "trailed in the wake of" processes.
For voluntary insurance there were 73.8% of all payments by insurers in January-September (85.9 million manat or + 38.9% compared to October 1 last year). Payments for compulsory insurance increased by 14.3% to 30.5 million manat.
According to Bayramov, premiums under life insurance during this period increased by 49.8% - to 76.85 million manat with a share of 24.5%. Payments in this segment increased by 7.8 times - up to 23,550,000 manat (a share of 20.2%), in other segments growth of 8.6% to 92.85 million manat was recorded.
Aggregate premiums of the insurers in the local market by October 1 totaled 314.1 million manat, while the payments totaled 116 400 000 manat. --17D-
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