Azerbaijan's compulsory insurance market grows by nearly 11%

In January 2025, 23.057 million manats (just over $13.56 million) in insurance premiums were collected for compulsory insurance types in Azerbaijan, representing a 10.8% increase year-on-year, Report informs, citing the Central Bank of Azerbaijan (CBA).

In the specified period, payments for compulsory insurance types amounted to 10.104 million manats ($5.943 million), which is 22.7% compared to January 2024.

Thus, in the first month of 2025, for every 100 manats ($58.8) of insurance premiums collected from the compulsory insurance market, 43.8 manats ($25.76) were paid out. This figure stood at 39.6 manats ($23.29) a year ago.

Overall, 16 insurance companies in Azerbaijan collected insurance premiums totaling 163.658 million manats (almost $96.27 million) in January 2025, marking a 17.6% increase year-on-year.

During the month, the amount of payments made by insurance companies amounted to 47.623 million manats (just over $28 million), which is 22.8% more than a year ago.