Voluntary insurance payments up by 42% in Azerbaijan

In January-September 2024, 765.43 million manats ($450.25 million) in insurance premiums were collected through voluntary insurance types in Azerbaijan, marking an 11.4% increase compared to the same period in 2023 Report informs, citing the Central Bank of Azerbaijan (CBA).

During the reporting period, payments for voluntary insurance types amounted to 454.8 million manats ($267.52 million), which is 42.1% more than a year ago.

Thus, in nine months, for every 100 manats ($58.8) of insurance premiums collected from the voluntary insurance market, 59.4 manats ($34.94) were paid out. This figure was 46.6 manats ($27.41) a year ago.

In January-September 2024, 1.02 billion manats ($590 million) in insurance premiums were collected through 17 insurance companies in Azerbaijan. This is 9.4% more compared to the same period last year.

During the reporting period, the amount of payments made by insurance companies totaled 553.75 million manats ($325.73 million). This is 38.3% more compared to the previous year.

During the nine months, 54.1 manats ($31.82) were paid out for every 100 manats of insurance premiums collected in the insurance market. This indicator was 42.8 manats ($25.17) in the same period last year.