Voluntary insurance market in Azerbaijan grows by 9%

In January-March 2024, insurance premiums of 278,312,000 manats ($163.71 million) were collected at the expense of voluntary insurance types in Azerbaijan, up 9% from the previous year, Report informs, citing the Central Bank of Azerbaijan (CBA).

During the reporting period, payments for voluntary insurance types amounted to 124,136,000 manats ($73.02 million), which is 58.7% more than a year ago.

Thus, 44.6 manats ($26.24) of every 100 manats ($58.82) collected from the voluntary insurance market were paid in past three months. This figure was 30.6 manats ($18) in the same period of 2023.