Non-life insurance market in Azerbaijan shrinks

In January 2024, Azerbaijan-based insurers collected 94.102 million manats ($55.35 million) in premiums on non-life insurance, down 1.2% 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 11.1% to 17.019 million manats ($10.01 million) in the reporting period.

For the reporting period, 18.1 manats ($10.65) were paid for every 100 manats ($58.8) of insurance premiums, while this figure was 16.1 manats ($9.47) in the same period of 2023.