Central Bank of Azerbaijan reduces insurance costs almost by 5%

The Central Bank of Azerbaijan (CBA) spent 1,554,000 manats (about $915,000) on insurance services in 2023, down 4.55% percent from 2022, Report informs, citing the CBA’s financial report.

Of the CBA's total insurance costs, 663,000 manats ($390,000) are deductions for compulsory medical insurance, which is 15.9% more than the year.

Meanwhile, the remaining 891,000 manats (about $524,000) are deductions for traditional insurance, which is 15.6% less than a year ago.