Voluntary insurance market grows by 20% in Azerbaijan

From January through April 2022, 267.745 million manats ($157.5 million) of insurance premiums were collected in Azerbaijan from voluntary insurance, 20.4% more than in the same period last year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, the amount of payments on voluntary insurance amounted to 62.351 million manats ($36.67 million), which is 2.1 times or 51.8% less than a year earlier.

Thus, in January-April 2022, 23.3 manats ($13.7) were paid for every 100 manats ($58.8) collected from the voluntary insurance market. This figure was 58.2 manats ($34.2) in January-April 2021.

During the reporting period, insurance premiums worth 358.771 million manats ($211.04 million) were collected through 20 insurance companies in Azerbaijan, 5.8% more than in the same period last year.

The number of payments made by insurance companies during the reporting period amounted to 93.418 million manats ($54.95 million), 48% less than a year earlier.

In the first four months of 2022, 26 manats ($15.29) were paid for every 100 manats of insurance premiums collected in the insurance market. In the same period last year, this figure was 53 manats ($31.17).