Azerbaijan sees 38% growth in compulsory insurance market

In the first ten months of 2023, 270.854 million manats ($159.33 million) in premiums (+38.4%) 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 90.472 million manats ($53.22 million), which is 13% more than a year ago.

Thus, 33.4 manats ($19.65) of insurance payments accounted for every 100 manats ($58.82) of insurance premiums in the first quarter, while this figure was 40.9 manats ($24.06) in the same period of 2022.

Azerbaijan-based 20 insurers collected 19.745 million manats ($11.61 million) in premiums in January–October 2023, 27.8% more than a year earlier.

Payments increased by 26.6% to 455.012 million manats ($267.65 million).

During the first ten months of 2023, 44.6 manats ($26.24) of insurance payments accounted for every 100 manats ($58.82) of insurance premiums, while this figure was 45 manats ($26.47) in the same period of 2022.