Azerbaijan’s voluntary insurance market grows about 15%

In January-November 2021, premiums on voluntary insurance types amounted to 528.898 million manats, up 14.6% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

In the reporting period, the payments on the voluntary insurance types stood at 319.738 million manats, showing a 2.5% decrease compared to a year earlier.

Over the past eleven months, 60.5 manats of insurance payments accounted for every 100 manats of insurance premiums, while this figure was 71.1 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.