Azerbaijan sees 42% growth in compulsory insurance market

In the first three months of 2023, 91.554 million manats ($53.85 million) premiums (+42.1%) 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 24.072 million manats ($14.16 million), which is 7.8% more than a year ago.

Thus, 26.3 manats ($15.47) of insurance payments accounted for every 100 manats ($58.82) of insurance premiums in the first quarter, while this figure was 41.2 manats ($20.4) in 2022.

Azerbaijan-based 20 insurers collected 346.91 million manats ($204.1 million) in premiums in January-March 2023, 34.2% more than a year earlier.

The payments by insurance companies for the reporting period stood at 102.29 million manats ($60.17 million), 67.1% more than in 2022.