AZERBAIJAN: GWP in 10 months grew by more than 12% y-o-y

7 December 2021 —
In January-October 2021, Azerbaijani insurance companies collected GWP in the amount of AZN 705.70 million (EUR 359.46 million*), which is 12.3% more y-o-y, writes ABC.AZ with reference to the Central Bank of Azerbaijan.

During the reporting period, total paid claims of the insurers increased by 14.6% and amounted to AZN 401.21 million.

GWP for 10 months of 2021 in voluntary life insurance amounted to AZN 262 million (+22.5%), the Central Bank said in its report. At the same time, paid claims in the segment totaled AZN 213.94 million.

Compulsory life insurance for the period reached AZN 52 million, which is 14.9% more y-o-y. Motor insurance from January to October amounted to AZN 32.43 million (1.5% increase y-o-y). Voluntary motor paid claims for the period increased by 18.5% to AZN 12.50 million.

*1 EUR = 1.9632 AZN (01.11.2021)