BAKU, Azerbaijan, May 28. Azerbaijan's compulsory insurance premiums totaled 132.4 million manat ($77.9 million) from January to April 2024, up 5.4 percent over the same period the previous year, Trend reports.
The data from the Central Bank of Azerbaijan (CBA) showed that
payments on voluntary types of insurance reached 42.37 million
manat ($24.9 million) during the reporting period, up 32 percent
from the previous year.
Thus, for every 100 manat ($58.7) in insurance premiums, 32 manat
($19) accounted for payments, which is a considerable increase over
the previous year's total of 25.5 manat ($15).
Meanwhile, insurance companies in Azerbaijan totaled 542.8 million
manat ($319.3 million) in insurance premiums in the first four
months of this year, up 55.7 percent versus the same period in
2023.
Additionally, from January through April 2024, insurers allocated 209.55 million manat ($123.26 million) for compensation for insured events, which is 55.7 percent year-on-year growth.
