Compulsory insurance market in Azerbaijan shrinks 8%

In January this year, insurance premiums worth a total of 38.195 million manats were collected within the compulsory insurance in Azerbaijan, Report informs referring to the Central Bank of Azerbaijan.

This is 8.3% less than in the same period last year.

The amount of payments under compulsory insurance for the reporting period amounted to 7.194 million manats. This is 63.4% less than in the annual comparison.

For every 100 manats of insurance premiums, 39.5 manats were paid. For the same period last year, this figure amounted to 99.1 manats.

Last month, 20 insurance companies in Azerbaijan collected insurance premiums worth 118.234 million manats. This is 13.7% more than in the same period last year.

The amount of payments made by insurance companies for the reporting period was 16.623 million manats (a decrease of 3.4 times).

For every 100 manats collected in Azerbaijan’s insurance market in January 2022, 14.1 manats of insurance premiums were paid. In January 2021, this figure was 54.65 manats.