From January through July 2022, 141.791 million manats ($83.41 million) of premiums were collected in Azerbaijan from compulsory insurance types, 13.3% less than in the same period last year, Report informs, citing the Central Bank of Azerbaijan.
During the reporting period, the amount of payments on compulsory insurance amounted to 54.346 million manats ($31.97 million), 25.5% less than a year earlier.
Thus, in January-July 2022, 38.3 manats ($22.5) were paid for every 100 manats ($58.82) collected from the compulsory insurance market. This figure was 44.7 manats ($26.3) in January-July 2021.
During the reporting period, insurance premiums worth 580.501 million manats ($341.47 million) were collected through 20 insurance companies in Azerbaijan, 9.9% more than in the same period last year.
The number of payments made by insurance companies during the reporting period amounted to 241.128 million manats ($141.84 million), 19.9% less than a year earlier.
In the first seven months of 2022, 41.5 manats ($24.41) were paid for every 100 manats ($58.82) of insurance premiums, while this figure was 57 manats ($33.53).