Azerbaijan's mandatory insurance market shrinks by more than 17%

Insurance premiums collected from mandatory insurance lines in Azerbaijan amounted to 183.36 million manats ($107.86 million) in January–July this year, down 17.2% from the same period last year.

According to the Central Bank of Azerbaijan (CBA), cited by Report, total payouts under mandatory insurance policies amounted to 95.162 million manats ($55.98 million) during the reporting period, up 18.1% year-on-year.

Thus, over the seven-month period, insurers paid out 51.9 manats for every 100 manats in premiums collected in the mandatory insurance market. A year earlier, the figure stood at 36.4 manats per 100 manats.