Azerbaijan's compulsory insurance market rose by over 2% in 2024

In 2024, 341.856 million manats (almost $201.1 million) in insurance premiums were collected for compulsory insurance types in Azerbaijan, representing a 2.2% surge year-on-year, Report informs, citing the Central Bank of Azerbaijan (CBA).

Last year, payments for compulsory insurance types amounted to 139.696 million manats ($82.17 million), which is 29.3% compared to 2023.

Thus, in twelve months, for every 100 manats ($58.8) of insurance premiums collected from the compulsory insurance market, 40.9 manats ($24.06) were paid back. This figure stood at 32.3 manats ($19) a year ago.

Overall, 17 insurance companies in Azerbaijan collected insurance premiums totaling just over 1.353 billion manats (almost $796 million) in 2024, marking a 10.7% increase year-on-year.

During the reporting period, the amount of payments made by insurance companies amounted to 752.712 million manats (over $442.7 million), which is 28.2% more than a year ago.