Non-life insurance market in Azerbaijan grows by over 11%

In January-February 2025, 154.7 million manats (nearly $91 million) of insurance premiums were collected in Azerbaijan through non-life insurance types, 11.3% more than in the same period last year, Report informs, citing the Central Bank of Azerbaijan.

During the specified period, payments on non-life insurance types increased by 3.6% to 38.118 million manats ($22.4 million).

Thus, out of every 100 manats ($58.8) of insurance premiums collected in the non-life insurance market in two months, 24.6 manats ($14.47) were returned to customers. This figure was 26.5 manats a year ago ($15.6 million).

In January-February, 281.2 million manats ($165.4 million) of insurance premiums were collected through 16 insurance companies in Azerbaijan, 17.3% more than in the same period last year.

In the reporting period, the payments made by insurance companies amounted to 108.6 million manats ($63.9 million), 11.45% more than in the same period last year.

In the past two months, 38.6 manats ($22.7) of every 100 manats ($58.8) of insurance premiums collected in the insurance market were paid. In the same period last year, this figure was 40.6 manats ($23.9).