Azerbaijan sees 41% growth in compulsory insurance market

In the first two months of 2023, 49.641 million manats ($29.2 million) premiums (+41.1%) 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 17.923 million manats ($10.54 million), which is 23.8% more than a year ago.

Thus, 36.1 manats ($21.24) of insurance payments accounted for every 100 manats ($58.82) of insurance premiums, while this figure was 41.2 manats ($24.24).

Azerbaijan-based 20 insurers collected 221.068 million manats ($130.04 million) in premiums in January-February 2023, 24% more than a year earlier.

The payments by insurance companies for the reporting period stood at 70.514 million manats ($41.48 million), 81.1% more than in 2022.