Azerbaijan’s compulsory insurance market grows by 16% 

In January-November 2021, the premiums on compulsory insurance types amounted to 239.016 million manats, up 15.7% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

In the reporting period, the payments on the compulsory insurance types stood at 110.11 million, showing a 73.7% increase compared to a year earlier.

Over the past seven months, 46.1 manats of insurance payments accounted for every 100 manats of insurance premiums, while this figure was 30.7 manats in January-November 2020.

Azerbaijan-based 20 insurers collected 767.914 million manats premiums in January-November this year, 14.9% more than a year earlier.

The payments by insurance companies for the reporting period amounted to 429.849 million manats, 9.8% more than the same period of 2020.

For the reporting period, 56 manats were paid for every 100 manats of insurance premiums, while this figure was 58.6 manats last year.