Azerbaijan's compulsory insurance market grows by over 3%

In January-September 2024, 258.28 million manats ($151.93) in insurance premiums were collected for compulsory insurance types in Azerbaijan, marking a 3.4% increase compared to the same period in 2023, Report informs, citing the Central Bank of Azerbaijan (CBA).

During the reporting period, payments for compulsory insurance types amounted to 98.95 million manats ($58.2 million), which is 23.3% more than a year ago.

Thus, in nine months, for every 100 manats ($58.8) of insurance premiums collected from the compulsory insurance market, 38.3 manats ($22.52) were paid out. This figure was 32.1 manats ($18.88) a year ago.

In January-September 2024, 1.02 billion manats ($590 million) in insurance premiums were collected through 17 insurance companies in Azerbaijan. This is 9.4% more compared to the same period last year.

During the reporting period, the amount of payments made by insurance companies totaled 553.75 million manats ($325.73 milion). This is 38.3% more compared to the previous year.

During the nine months, 54.1 manats ($31.82) were paid out for every 100 manats of insurance premiums collected in the insurance market. This indicator was 42.8 manats ($25.17) in the same period last year.