Compulsory insurance market in Azerbaijan shrinks by 16%

From January through June 2022, 124.907 million manats ($73.486 million) of insurance premiums were collected in Azerbaijan from compulsory insurance, 15% less than in the same period last year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, the amount of payments on compulsory insurance amounted to 44.674 million manats ($26,28 million), 30.8% less than a year earlier.

Thus, in January-June 2022, 35.8 manats ($21) were paid for every 100 manats ($58.82) collected from the compulsory insurance market. This figure was 43.6 manats ($25.6) in January-June 2021.

During the reporting period, insurance premiums worth 491.605 million manats ($289.18 million) were collected through 20 insurance companies in Azerbaijan, 8.7% more than in the same period last year.

The number of payments made by insurance companies during the reporting period amounted to 174.923 million manats ($102.89 million), 29.5% less than a year earlier.

In the first half of 2022, 35.6 manats ($20.9) were paid for every 100 manats of insurance premiums collected in the insurance market. In the same period last year, this figure was 54.9 manats ($32.3).