Non-life insurance market in Azerbaijan grows by more than 28%

In January-March 2023, Azerbaijan-based insurers collected 196.433 million manats ($115.6 million) in premiums on non-life insurance, up 28.2% from the same period of the previous year, Report informs, citing the Central Bank of Azerbaijan.

The payments on this type of insurance increased by 7% to 46.594 million manats ($27.4 million) in the reporting period.

For the reporting period, 23.7 manats ($13.9) were paid for every 100 manats ($58.8) of insurance premiums, while this figure was 28.4 manats ($16.7) in the same period of 2022.