Azerbaijan posts about 19% growth in voluntary insurance market

In January 2025, 140.601 million manats ($82.706 million) in insurance premiums were collected for voluntary insurance types in Azerbaijan, an 18.8% year-on-year growth, Report informs, citing the Central Bank of Azerbaijan (CBA).

During the mentioned month, payments for voluntary insurance types totaled 37.519 million manats (just over $22 million), reflecting a 22.8% increase compared to 2024.

Consequently, 26.7 manats ($15.71) of every 100 manats ($58.82) collected from the voluntary insurance market were paid out in January, compared to 25.8 manats ($15.18) during the same period in 2024.

Overall, 16 insurance companies in Azerbaijan collected insurance premiums totaling 163.658 million manats (almost $96.27 million) in January 2025, marking a 17.6% year-on-year increase.

The total amount of payments made by insurance companies during the month was 47.623 million manats (just over $28 million), a 22.8% rise from the previous year.