Voluntary insurance market in Azerbaijan grows by over 15%

In January-September of 2025, 881.844 million manats ($518.7 million) in insurance premiums were collected for voluntary insurance types in Azerbaijan, a 15.2% year-on-year growth, Report informs, citing the Central Bank of Azerbaijan (CBA).

During the mentioned period, payments for voluntary insurance types totaled 578.475 million manats (around $340.3 million), reflecting a 27.2% increase compared to the same period last year.

Consequently, 65.6 manats ($38.59) of every 100 manats ($58.82) collected from the voluntary insurance market were paid out in the first nine months of the year, compared to 59.4 manats ($34.94) during the same period in 2024.

Overall, 16 insurance companies in Azerbaijan collected insurance premiums totaling just over 1.157 billion manats (over $680.7 million) in 9 months, marking a 13% year-on-year increase.

The total amount of payments made by insurance companies during this period was 529.307 million manats (over $311.3 million), a 20.7% rise from the previous year.