BAKU, Azerbaijan, February 24. This January, insurance collections swelled, flowing robustly through the landscape of Azerbaijan's financial realm.
Data obtained by Trend from the Central Bank of Azerbaijan (CBA) shows that this figure amounted to 163.7 million manat ($96.29 million), up 17.6 percent year on year.
Besides, in the reporting month, the local companies made insurance payments totaling 47.6 million manat ($28.1 million), which represents a 22.8 percent increase compared to the same period last year.
Meanwhile, 61.9 million manat ($36.5 million) in life insurance premiums and 101.8 million manat ($60 million) in non-life insurance premiums were collected. These figures show an increase of 37.5 percent and 8.1 percent, respectively, compared to the same month last year.
Additionally, in January of this year, life insurance payments amounted to 29.5 million manat ($17.4 million), while non-life insurance payments were 18.1 million manat ($10.7 million). These represent an increase of 35.4 percent and 6.7 percent, respectively, compared to the same period last year.
Furthermore, in January of this year, 18.7 million manat ($11 million) in motor vehicle insurance premiums were collected. Of these, 5.9 million manat ($3.5 million) were voluntary premiums, and 12.8 million manat ($7.5 million) were mandatory premiums. Compared to the same month last year, premiums collected for this insurance category increased by 8.8 percent.
During the reporting month, motor vehicle insurance payments totaled 11.9 million manat ($7 million), representing a 25.4 percent increase compared to the same period last year. Of the payments made during the month, 2.4 million manat ($1.4 million) were voluntary, and 9.5 million manat ($5.6 million) were mandatory insurance payments.
Moreover, in January 2025, insurance companies raked in 5.6 million manat ($3.3 million) from voluntary motor vehicle insurance premiums and dished out 2.4 million manat ($1.4 million) in insurance payments.
To note, a total of 16 insurance entities are currently conducting operations in Azerbaijan.