Azerbaijan's voluntary insurance market up 17%

Azerbaijan's voluntary insurance market has witnessed a spectacular growth of over 17% in the first five months of 2024.

Report informs that, according to the Central Bank of Azerbaijan (CBA), insurance companies collected a staggering 481.888 million manats in premiums from January to May 2024. This figure represents a 17.3% increase compared to the same period in 2023, highlighting the robust growth of the sector.

Even more impressive is the surge in insurance payouts. The amount disbursed for voluntary insurance claims reached 220.316 million manats, marking a dramatic 65.2% increase from the previous year.

For every 100 manats collected in premiums, 45.7 manats were paid out in claims during the first five months of 2024. This represents a significant improvement from the 32.5 manats paid out in the same period last year, indicating a more responsive and customer-centric approach by insurers.

Currently, 17 insurance companies operate in Azerbaijan, offering a diverse range of products. The total insurance premiums collected across all types of insurance reached 643.754 million manats in January-May, showing a 13.65% year-on-year increase.