Azerbaijan’s voluntary insurance market grows about 25%

In January-March 2022, premiums on voluntary insurance types amounted to 193.989 million manats, up 24.6% 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 38.899 million manats, showing a 62.7% decrease compared to a year earlier.

Over the past three months, 20.1 manats of insurance payments accounted for every 100 manats of insurance premiums, while this figure was 67 manats in January-March 2022.

Azerbaijan-based 20 insurers collected 258.425 million manats premiums in January-March this year.

The payments by insurance companies for the reporting period amounted to 61.228 million manats.

For the reporting period, 23.7 manats were paid for every 100 manats of insurance premiums, while this figure was 58.4 manats last year.