Voluntary insurance market in Azerbaijan grows by nearly 22%

In 2023, insurance premiums of 888,104,300 ($522.4 million) manats (+22%) were collected at the expense of voluntary insurance types in Azerbaijan, Report informs, citing the Central Bank of Azerbaijan (CBA).

During the reporting period, payments for voluntary insurance types amounted to 479,252,500 manats ($282 million), which is 41.9% more than a year ago.

Thus, 54 manats ($31.76) of every 100 manats ($58.82) collected from the voluntary insurance market were paid in 12 months. This figure was 46.4 manats ($27.29) in 2022.