Azerbaijan's voluntary insurance market grew by almost 14% in 2024

In 2024, insurance premiums of 1.011 billion manats (just under $595 million) were collected at the expense of voluntary insurance types in Azerbaijan, up 13.9% year-on-year, Report informs, citing the Central Bank of Azerbaijan (CBA).

Last year, payments for voluntary insurance types amounted to 613.016 million manats (almost $360.6 million), which is 27.9% compared to 2023.

Thus, 60.6 manats ($35.65) of every 100 manats ($58.82) collected from the voluntary insurance market were paid in 2024. This figure was 54 manats ($31.76) in 2023.

In 2024, 17 insurance companies in Azerbaijan collected insurance premiums totaling just over 1.353 billion manats (almost $796 million), 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.