Voluntary insurance observes growth on premiums and decline on compensation payment


January 21, Fineko/abc.az. Azerbaijan gathered AZN 586.595 million of premiums (16.7% more against 2020) at the expense of voluntary insurance for 2021.

ABC.AZ reports that the compulsory insurance premiums grew last year by 13.9% up to AZN 257.3 million. The compensations on voluntary insurance were paid for AZN 339.27 million (10.4% less than a year ago) and on mandatory insurance for AZN 119.46 million (38.25% more).

Thus, in 2021, for every 100 manats collected from the voluntary insurance market, an insurance premium of up to 57.8 manats was paid. In 2020, this figure amounted to 75.3 manats. During the year, the compulsory insurance market accounted for 38.3 to 46.4 manats of insurance premiums for every 100 manats.