Azerbaijan sees nearly 15% growth in voluntary insurance market

In January-July of 2025, 716.301 million manats ($421.3 million) in insurance premiums were collected for voluntary insurance types in Azerbaijan, a 14.8% year-on-year growth, Report informs, citing the Central Bank of Azerbaijan (CBA).

During the mentioned period, payments for voluntary insurance types totaled 448.712 million manats (over $263.9 million), reflecting a 22.3% increase compared to the same period last year.

Consequently, 62.6 manats ($36.82) of every 100 manats ($58.82) collected from the voluntary insurance market were paid out in the first seven months of the year, compared to 58.8 manats ($34.59) during the same period in 2024.

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.