OSAGO insurance collections in Azerbaijani market increase

By Trend

Collections on the segment of Compulsory Insurance of Civil and Legal Liability of Vehicle Owners (OSAGO) in Azerbaijan has grown in the first half of 2021, Trend reports referring to the Central Bank of Azerbaijan (CBA).

According to the CBA, for the reporting period, the OSAGO market has amounted to 46.75 million manat ($27.5 million), up by six percent compared to the same period of 2020 when this indicator made up 44.15 million manat ($25.97 million).

At the same time, the number of collections for voluntary civil liability insurance of vehicle owners grew by 36 percent on annual basis, up to 684,000 manat ($402,350).

On the type of voluntary insurance of motor vehicles, 18.1 million manat ($10.6 million) of insurance fees had been collected, and more than seven million manat ($4.1 million) was paid in the reporting period.

Totally, through the first six months of 2021, Azerbaijani insurance companies have collected over 452 million manat ($265 million) of insurance premiums and paid 248 million manat ($145.8 million).

(1 USD = 1.7 AZN on Aug.12)