Non-life insurance market in Azerbaijan grows by over 4%

In 2024, 619.17 million manats ($364.2 million) in insurance premiums were collected for non-life insurance types in Azerbaijan, 4.4% more compared to 2023's figures, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments for non-life insurance types decreased by 6.6% to 269.46 million manats ($158.5 million).

Thus, during the year, 43.5 manats ($25.6) out of every 100 manats (%58) of insurance premiums collected in the non-life insurance market were returned to customers. This figure was 48.6 manats ($28.6) a year ago.

In 2024, 17 insurance companies in Azerbaijan collected insurance premiums totaling 1.35 billion manats (about $790 million). 10.7% more compared to 2023.

During the reporting period, the amount of payments made by insurance companies totaled 752.71 million manats ($442.77 million), 28.2% more compared to the previous year.

Last year, out of every 100 manats collected in the insurance market, 55.6 manats ($32.7) were paid out. The previous year, this indicator was 48 manats ($28.23).