Azerbaijan's compulsory insurance market surges by nearly 6%

In January-July this year, 221.357 million manats (just over $130.2 million) of insurance premiums were collected in Azerbaijan through compulsory insurance types, marking a 5.7% growth year-on-year, Report informs, citing the Central Bank of Azerbaijan (CBA).

During this period, the amount of payments for compulsory insurance types amounted to 80.595 million manats (just over $47.4 million), which is 12.2% more year-on-year.

Thus, in 7 months, payments of 35.1 manats ($21.41) were made for every 100 manats ($58.82) of insurance premiums collected from the compulsory insurance market. This figure was 34,3 manats ($20.18) a year ago.

Overall, 16 insurance companies in Azerbaijan collected insurance premiums totaling 937.658 million manats (over $551.5 million) in 7 months, marking a 12.5% 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.