In the first 7 months of 2024, the insurance market of Azerbaijan increased by 9.5% to AZN 833.85 million (~EUR 453.18 million), ABC.AZ writes with reference to the Central Bank of Azerbaijan.

At the same time, total paid claims for the period increased by 55.6% to AZN 440.19 million (~EUR 239.23 million). It is noted that the loss ratio of the insurance market has increased - in the first 7 months of 2023, per each AZN 100 of premiums insurers paid AZN 37.1, and for the same period in 2024, it reached AZN 52.8.

Segment-wise, insurers collected AZN 624.11 million in voluntary insurance, and AZN 209.47 million in compulsory insurance, ABC.AZ writes according to the Central Bank. Compared to the same period last year, voluntary insurance increased by 11.6%, and compulsory insurance - by 3.4%.

During the reporting period, paid claims in voluntary insurance increased by 65.7% to AZN 366.81 million, while paid claims in compulsory insurance rose by 19% to AZN 73.38 million.

*EUR 1 = AZN 1.84 (31.07.2024)