Azerbaijan boosts volume of insurance premiums in January 2022

Economy Materials 9 March 2022 17:46 (UTC +04:00)
Azerbaijan boosts volume of insurance premiums in January 2022

BAKU, Azerbaijan, Mar. 9

By Nazrin Israfilova - Trend:

The volume of premiums of insurance companies operating in Azerbaijan in January 2022 grew, Elmar Mirsalayev, director general of the Azerbaijan Insurers Association, told Trend.

According to Mirsalayev, this figure amounted to 118.2 million manat ($69.5 million), which is 14.2 million manat ($8.3 million) more than in January last year.

He noted, along with compulsory insurance, the share of voluntary insurance in the growth of insurance collections over the reporting month.

Speaking about the growth of collections among other types of insurance in January 2022, the CEO mentioned life insurance (an increase of 8.6 million manat or $5 million), voluntary medical insurance (a rise of 6.1 million manat or $3.6 million), and car insurance or CASCO (up by 500,000 manat or $294,120).

Besides, according to him, the growth was recorded in credit insurance (by eight times), disability insurance (two times) and insurance of citizens traveling abroad (almost two times).

In January 2022, payments by insurance companies of Azerbaijan decreased, amounting to 16.6 million manat ($9.7 million), which is 40.2 million manat ($23.6 million), or 71 percent less on annual basis.