BAKU, Azerbaijan, April 28. Compulsory
insurance premiums in Azerbaijan declined sharply in the first
quarter of the year, even as payouts surged, Trend reports, citing the Central Bank.
From January through March, insurers collected 65.476 million
manats in compulsory insurance premiums — a drop of 28.2% compared
to the same period last year.
At the same time, payments to policyholders rose significantly.
Payouts increased by 27.4% year-over-year to reach 38.137 million
manats.
The figures indicate that insurers paid out 58.2 manats for
every 100 manats collected in compulsory insurance premiums during
the quarter.
Despite the downturn in compulsory insurance, Azerbaijan’s
overall insurance market posted modest growth. Total premiums
across all types of insurance climbed 4.7% to 417.753 million
manats.
However, total payouts grew at a much faster pace, jumping 33.2%
to 218.456 million manats over the same period.
The data points to rising claim costs and increasing pressure on
insurers, even as overall premium volumes continue to edge
higher.
