In January-February 2023, total GWP of 20 insurance companies in Azerbaijan amounted to AZN 221.06 million (~EUR 122.81 million), which is 24% more y-o-y, ABC.AZ reports with reference to the data of the Central Bank.

At the same time, total paid claims for the period amounted to AZN 70.51 million, which is 81.1% more than a year ago. This means that for every AZN 100 of premiums in the first two months of the year, local insurers paid AZN 31.9 (vs AZN 21.8 manats a year earlier).

GWP in compulsory vehicle insurance for January-February reached AZN 23.45 million, which is 64.2% more y-o-y. At the same time, paid claims in the segment amounted to AZN 17.20 million, which is 30% more than in the same period last year.

Market experts note that the increase in premiums compared to paid claims reduced the loss ratio in compulsory vehicle insurance by 20.8% over the past year. For example, in the first two months of last year, for every AZN 100 of premiums in this segment, insurers paid AZN 92.6, while in the first two months of 2023 this figure fell to AZN 73.3.

It is also worth noting that out of AZN 70.51 million of paid claims in January-February this year, AZN 56.59 million (or 80.3%) were paid by only 5 insurance companies: PASHA Hayat Sigorta, PASHA Siporta, Xalq Sigorta, Atesgah Hayat Sigorta and Atsgah SIgorta.

*EUR 1 = AZN 1.80 (01.03.2023)