11:38 - 26.12.2024

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December 26, Fineko/abc.az. The voluntary health insurance market in Azerbaijan showed growth of only 1% in 11 months of 2024.

ABC.AZ informs, referring to CBA statistical bulletin, that 113.66 million manats of insurance premiums were collected during this period, 88.09 million manats of insurance payments were made. Insurance premiums increased by 1% and 20%, respectively, year-on-year.

Lower growth rates of insurance premiums compared to insurance payments increased the loss ratio for companies to 78%. The loss ratio is measured by the ratio between the insurer's payments and its fees. If the loss ratio increases, this increases the risks for the company in the relevant area.

In the same period of 2022, the medical insurance loss ratio was 63%, and in the same period of 2023 it was 65%.