Azerbaijan’s non-life insurance market grows slightly

During the first three months of 2024, 197.221 million manats (over $116 million) in insurance premiums were collected at the expense of non-life insurance types in Azerbaijan, Report informs, citing the Central Bank of Azerbaijan (CBA).

The CBA’s data shows that this is a 0.4 percent increase compared to January-March 2023.

In the first quarter of 2024, payments for non-life insurance types rose by 20.5% and reached 56.159 million manats (over $33 million).

Thus, 28.5 manats ($16.76) of every 100 manats ($58.82) collected in the non-life insurance market for 3 months were paid back to customers. This figure stood at 23.7 manats ($13.94) a year ago.