BAKU, Azerbaijan, February 5. Insurance companies operating in Azerbaijan saw a significant increase in vehicle insurance premiums in 2024, with the total reaching over 66 million manat ($38.8 million).
Data obtained by Trend from the Central Bank of Azerbaijan (CBA) indicates that 23.3 million manat ($13.7 million) was paid in insurance claims out of the collected premiums. This amount is 42.7 million manat ($25.1 million) less than the total collected premiums, reflecting a payout rate around 2.8 times lower.
Furthermore, vehicle insurance premiums grew by 11.2 million manat ($6.5 million) or over 20 percent in 224, while payouts also saw a rise of 2.8 million manat ($1.6 million), or around 14 percent, compared to the previous year. In 2023, the country's premiums amounted to 54.8 million manat ($32.2 million), with claims totaling 20.4 million manat ($12 million).
Overall, the total insurance premiums in Azerbaijan for the past year reached 1.3 billion manat ($764.7), which is 10.7 percent or 130.6 million manat ($76.8 million) higher than in 2023. The total claims paid by insurance companies during the period amounted to 752.7 million manat ($442.7 million), marking a rise of 28.1 percent or 165.4 million manat ($97.2 million) compared to the previous year.