BAKU: Azerbaijan’s insurance companies have reported a significant increase in collections for voluntary medical insurance from January through September 2024, reflecting an upward trend in the sector.

According to Trend News Agency, data from the Central Bank of Azerbaijan show that the insurance companies collected approximately 765.4 million manat, equivalent to $450 million, in insurance premiums during the reporting period. This marks a 12 percent increase in collections compared to the same period last year.

In addition to the growth in collections, insurance companies in Azerbaijan also experienced a notable rise in payouts. The payouts during the reporting period totaled around 454.8 million manat, or $267.4 million, which represents an increase of 42 percent over the previous year. This surge in payouts indicates a concurrent rise in claims, likely tied to the expanded uptake of voluntary medical insurance.