BAKU, Azerbaijan, March 3. The total amount collected from compulsory insurance premiums by insurance companies operating in Azerbaijan reached 23.1 million manat ($13.5 million) in January 2025.
Data obtained by Trend from the Central Bank of Azerbaijan indicates that this statistic denotes a rise of 2.3 million manat ($1.3 million), or 11 percent, relative to the corresponding time in 2024 (20.8 million manat or $12.2 million).
During this period, the volume of payments made in this insurance category amounted to 10.1 million manat ($5.9 million), marking an increase of 1.9 million manat ($1.1 million), or 1.9 percent, compared to the same period in 2024 (8.2 million manat ($4.8 million)).
In the last month, for every 100 manat ($58.7) collected in compulsory insurance premiums, 43.8 manat ($25.7) were paid out in insurance claims, which is an increase of 4.2 manat ($2.4) compared to the same period last year, when this figure was 39.6 manat ($23.2).
To note, the total insurance premium collections of insurance companies in Azerbaijan amounted to 163.7 million manat ($96.3 million) in January 2025. This figure grew by 17.6 percent, or 24.5 million manat ($14.4 million), compared to the same month in 2024 (139.1 million manat, or $81.8 million).
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.
The “Statute of the State Agency on Compulsory Health Insurance” was ratified by President Ilham Aliyev on September 6, 2017. The agency aims to promote mandatory health insurance, consolidate funds for basic services, improve quality, and ensure rational use of funds.