Azerbaijan’s compulsory insurance market shrinks 6%

In 2022, 242.752 million manats ($142.80 million) insurance premiums (-5.7%) were collected on the compulsory insurance types in Azerbaijan, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments for compulsory insurance amounted to 95.569 million manats ($56.22 million), which is 20% less than one year ago.

Thus, 39.4 manats ($23.18) of insurance payments accounted for every 100 manats ($58.82) of insurance premiums, while this figure was 46.4 manats ($27.27).

Azerbaijan-based 20 insurers collected 970.823 million manats ($571.07 million) premiums in 2022, 15% more than a year earlier.

The payments by insurance companies for the reporting period amounted to 433.202 million manats ($254.82 millino), 5.6% more than in 2021.