AZERBAIJAN: Voluntary insurance premiums for January-July amounted to 73% of the market

For the first 7 months of the year insurers of Azerbaijan generated GWP in the amount of AZN 459.9 million (~EUR 230.87 million). Total market paid claims for the period reached AZN 145.9 million (~EUR 73.24 million), according to The Financial Markets Supervision Chamber of Azerbaijan.

In terms of premiums and paid claims voluntary insurance dominates in the market portfolio. During the period under consideration, GWP of voluntary classes amounted to AZN 334.5 million (~EUR 167.92 million) which accounts for 73% of total GWP, and paid claims - AZN 107.5 million (~EUR 53.96 million), which means 74% market share. Mandatory classes generated AZN 125.4 million (~EUR 62.95 million) of premiums (27%) and paid AZN 38.4 million (~EUR 19.28 million), which accounts for 26% of the market total paid claims for January-July.

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