Azerbaijan's non-life insurance market grows by nearly 2%

In January-September 2024, 463.57 million manats ($272.68) in insurance premiums were collected for non-life insurance types in Azerbaijan, marking a 1.7% increase compared to the same period in 2023, Report informs, citing the Central Bank of Azerbaijan (CBA).

During the reporting period, payments for non-life insurance types increased by 7.5% to 190.66 million manats ($112.15 million).

Thus, out of every 100 manats ($58.8) of insurance premiums collected in the non-life insurance market over nine months, 41.1 manats ($24.17) were refunded to customers. This figure was 38.9 manats ($22.88) a year ago.

In January-September 2024, 1.02 billion manats ($590 million) in insurance premiums were collected through 17 insurance companies in Azerbaijan. This is 9.4% more compared to the same period last year.

During the nine months, 54.1 manats ($31.82) were paid out for every 100 manats of insurance premiums collected in the insurance market. This indicator was 42.8 manats ($25.17) in the same period last year.