AZERBAIJAN: market expanded by 29% y-o-y in January-August

25 September 2023 — Marina MAGNAVAL
During January-August 2023, 20 insurance companies of Azerbaijan collected AZN 846.854 million (~EUR 455.30 million) of GWP, which is 29.3% more than in the same period last year, ABC.AZ writes with reference to the Central Bank of Azerbaijan.

At the same time, total paid claims of the insurance companies during the reporting period reached AZN 345.796 million (~EUR 185.91 million), which is also 21.9% more than in the first 8 months of 2022.

It is noted that during January-August 2023, per every AZN 100 of premiums, there were AZN 40.8 of paid claims. For comparison, during the same period in 2022 this rate was AZN 43.3.

*EUR 1 = AZN 1,86 (31.08.2023)