Azerbaijan sees 5% decline in non-life insurance market

In January-June 2022, Azerbaijan-based insurers collected 245.708 million manats ($144.534) in premiums on non-life insurance, down 5% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

The payments on this type of insurance decreased by 15.5% to 90.157 million manats ($53 million) in the reporting period.

For the reporting period, 36.7 manats ($21.6) were paid for every 100 manats ($58.8) of insurance premiums, while this figure was 41.2 manats ($24.2) last year.

During the reporting period, insurance premiums worth 491.605 million manats ($289.18 million) were collected through 20 insurance companies in Azerbaijan, 8.7% more than in the same period last year.

The number of payments made by insurance companies during the reporting period amounted to 174.923 million manats ($102.89 million), 29.5% less than a year earlier.

In the first half of 2022, 35.6 manats ($20.9) were paid for every 100 manats of insurance premiums collected in the insurance market. In the same period last year, this figure was 54.9 manats ($32.3).