In January-May 2024, 17 insurance companies in Azerbaijan collected AZN 643.75 million (~EUR 349.86 million), which is 13.65% more y-o-y. At the same time, total paid claims amounted to AZN 274.83 million (+57.6%), ABC.AZ reports with reference to the Central Bank of Azerbaijan.

It is noted that for the first 5 months of 2024, for every AZN 100 of collected premiums, insurers paid AZN 42.7 of compensation, while for the first 5 months of 2023 this ratio was AZN 30.8.

Premiums and paid claims in compulsory insurance have increased. GWP in the segment amounted to AZN 161.86 million, which is 4% more y-o-y. Total paid claims in compulsory insurance reached AZN 54.52 million, which is AZN 13.42 million more than a year earlier.

The loss ratio in the segment for the period was 34%, which is 8% more than in the same period last year.

Voluntary insurance from January to May amounted to AZN 481.88 million, which is 17% more y-o-y. Paid claims in voluntary insurance reached AZN 220.31 million (+65%).

The loss ratio in the voluntary segment for the reporting period was 46%, which indicates an increase of 14% y-o-y.

*EUR 1 = AZN 1.84 (31.05.2024)