BAKU, Azerbaijan, March 6. Insurance companies operating in Azerbaijan made insurance payments of 2.4 million manat ($1.4 million) for motor vehicles in January of this year.
Data obtained by Trend from the Central Bank of Azerbaijan shows that this figure rose by 0.9 million manat ($531,000), or 56.7 percent compared to the same month last year when the local insurance companies made insurance payments of 1.5 million manat ($885,000) for motor vehicles.
This January, the volume of insurance premiums for this class of insurance amounted to 5.6 million manat ($3.3 million), which is one million manat ($590,000), or 21.7 percent more than in the same month of 2024 when insurance companies operating in Azerbaijan collected 4.6 million manat ($2.7 million) in insurance premiums for motor vehicles.
During the reporting month, for every 100 manat ($59) of collected insurance premiums in this type of insurance, 42.6 manat ($25.14) was paid as insurance compensation, which is 9.2 manat ($5.4) more compared to last year. In the corresponding period of the previous year, this amount was 33.4 manat ($19.7).
The volume of insurance collections by insurance companies in Azerbaijan 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 January 2024.
