Azerbaijan’s Central Bank sees over 44% surge in insurance expenses

In 2024, the Central Bank of Azerbaijan (CBA) spent 2.241 million manats (just over $141.7 million) on insurance services, marking a 44.2% increase year-on-year, Report informs, referring to the CBA.

Of the total insurance expenses, CBA allocated 758,000 manats ($445,882) for mandatory health insurance, which is 18.4% more compared to 2023.

The remaining 1.483 million manats ($872.3 million) of expenses fell to allocations for traditional insurance, showing a 66.45% surge year-on-year.