Azerbaijan sees 36% growth in compulsory insurance market

In the first eleven months of 2023, 295.635 million manats ($173.9 million) in premiums (+35.9%) were collected on the compulsory insurance types in Azerbaijan, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments on the compulsory insurance types amounted to 99.114 million manats ($58.3 million), which is 13.7% more than a year ago.

Thus, 33.5 manats ($19.71) of insurance payments accounted for every 100 manats ($58.82) of insurance premiums in the first quarter, while this figure was 40.1 manats ($23.59) in the same period of 2022.

Azerbaijan-based 20 insurers collected 1,108.234 million manats ($0.65 billion) in premiums in January–November 2023, 26.6% more than a year earlier.

Payments increased by 24.1% to 497.466 million manats ($292.63 million).

During the first eleven months of 2023, 44.9 manats ($26.41) of insurance payments accounted for every 100 manats ($58.82) of insurance premiums, while this figure was 45.8 manats ($26.94) in the same period of 2022.