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Azerbaijan’s voluntary insurance market significantly grows

Finance Materials 28 June 2022 16:39 (UTC +04:00)
Azerbaijan’s voluntary insurance market significantly grows
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, June 28. Collections on voluntary types of insurance in Azerbaijan exceeded 318.06 million manat ($187.09 million) from January through May 2022, which is 53.2 million manat ($31.2 million) or 20.12 percent more than the same period last year, Trend reports with reference to Central Bank of Azerbaijan (CBA).

According to CBA, the share of voluntary life insurance in fees for voluntary insurance exceeded 55.5 percent and amounted to 176.6 million manat ($103.8 million) in the specified period.

A significant share in life insurance (93.28 percent) was occupied by accumulative life insurance, the fees for which exceeded 164.8 million manat ($96.9 million), which is 34.03 percent more than the same period in 2021.

Azerbaijani insurers made payments on voluntary types of insurance in the amount of 90.5 million manat ($53.2 million) from January through May 2022, which is 40.2 percent less than the same period in 2021.

A significant share in life insurance (97.02 percent) was occupied by accumulative life insurance, payments on which exceeded 49 million manat ($28.8 million).

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