Azerbaijan sees about 14% growth in compulsory insurance market

In January 2024, 20.807 million manats ($12.24 million) in premiums (+13.6%) 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 8.236 million manats ($4.84 million), which is 0.7% less than a year ago.

Thus, 39.6 manats ($23.29) of insurance payments accounted for every 100 manats ($58.82) of insurance premiums in the first month, while this figure was 45.3 manats ($26.65) in the same period of 2023.

Azerbaijan-based 17 insurers collected 139.114 million manats ($81.83 million) in premiums in January 2024, 3.9% more than a year earlier.

Payments increased by 10.3% to 38.783 million manats ($22.81 million).

During the first month of 2024, 27.9 manats ($16.41) of insurance payments accounted for every 100 manats ($58.82) of insurance premiums, while this figure was 26.3 manats ($15.47) in the same period of 2023.