BAKU, Azerbaijan, January 6. Azerbaijan's 2024 insurance collections and payouts by category have come to light.
Trend has made estimates based on statistical indicators of the Central Bank that a total of 309.6 million manat ($182.1 million) of insurance premiums on compulsory insurance were collected in Azerbaijan in the period from January through November last year. The data shows that this is 4.7 percent, or 13.9 million manat ($8.1 million) more than in the same period of 2023.
The value of mandatory insurance payments in the country totaled 125.9 million manat ($74.05 million) during the mentioned period, which is 27.1 percent or 26.8 million manat ($15.7 million) more than a year earlier.
Moreover, for the first 11 months of last year, collections on credit insurance in Azerbaijan amounted to 4.8 million manat ($2.8 million). This is 41.1 percent, or 1.4 million manat ($823,000), more than a year earlier. During this period, the volume of payments on credit insurance in the country totaled 69,400 manat ($40,823), which is more than 22 times more compared to the period from January through November 2023.
Regarding collections on mixed financial risks, in the period from January through November last year, collections on this type of insurance in Azerbaijan amounted to 480,900 manat ($282,886), which is by 7.9 percent and 35,400 manat ($20,823) more than a year earlier.
One of the types of insurance in which growth rates of savings and payments on them are fixed is life insurance. Thus, 446.5 million manat ($262.6 million) of life insurance premiums were collected in Azerbaijan from January through November 2024, and 587.5 million manat ($345.5 million) of insurance payments were made. Compared to the indicators of a year ago, collections on this type of insurance decreased by 10.5 percent, or 52.2 million manat ($30.7 million), while payments increased by 315.9 million manat ($185.8 million) or more than twice.
However, collections on other types of insurance during this period amounted to 121.6 million manat ($71.5 million), and payouts were 325 million manat ($191.1 million). This is 192.3 million manat ($113.1 million) (61.3 percent) less and 198.3 million manat ($116.6 million) (2.5 times) more than in the period from January through November 2023, respectively.
The property insurance was collected in the country from January through November last year in the amount of 32.8 million manat ($19.2 million). This indicator is 82.8 percent, or 158.4 million manat ($93.1 million), less than the same period in 2023. The volume of payments on this type of insurance for the mentioned period totaled 201.6 million manat ($118.5 million), which is 5.5 percent or 10.5 million manat ($6.1 million) more than for the first 11 months of 2023.
Furthermore, a total of 19.3 million manat ($11.3 million) of civil liability insurance premiums were collected in Azerbaijan in the period from January through November 2024, and 127,600 manat ($75,059) of insurance payments were made. This is 3.4 million manat ($2 million) (or 15.1 percent) and 12,600 manat ($7,411) (or 9 percent) less than for the same period of 2023, respectively.
To note, about 1.2 billion manat ($705 million) of insurance premiums were collected, and 694 million manat ($408.2 million) of insurance payments were made from January through November of last year in Azerbaijan by insurance types.
