In January 2023, collections for compulsory car insurance (NVSMMİS) in Azerbaijan will be 11 mln.

It has increased to 271 thousand manats.

"APA-Economics" reports with reference to the Central Bank of Azerbaijan that this indicator is 53% or 3 mln compared to the corresponding period of last year.

905 thousand manat is too much.

So, in January 2022, 7 mln.

365 thousand manat insurance premium was collected.

In this period, the volume of payments for compulsory car insurance is 7 mln.

It was 920 thousand manats, which is 21% or 1 million manats compared to the same period last year.

398 thousand manats is too much.

In January last year, the amount of payments for this type of insurance was 6 mln.

It was 522 thousand manats.

A higher increase in collections compared to insurance payments reduced the losses on NVSMMİS by 20.6% in the last year.

Thus, in January 2022, insurance companies allocated 88.55 manats from every 100 manats they collected for this insurance, while in January of the current year, this figure decreased to 70.3 manats.

Shukran Mammadov