Azerbaijan sees 41% growth in compulsory insurance market

In the first nine months of 2023, 249.864 million manats ($147 million) premiums (+40.6%) 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 80.236 million manats ($47.2 million), which is 11.7% more than a year ago.

Thus, 32.1 manats ($18.88) of insurance payments accounted for every 100 manats ($58.82) of insurance premiums in the first quarter, while this figure was 40.4 manats ($23.76) in the same period of 2022.

Azerbaijan-based 20 insurers collected 761.8 million manats ($448.1 million) in premiums in January–July 2023, 31.2% more than a year earlier.