Non-life insurance market in Azerbaijan surges by 27%

In January–October 2023, Azerbaijan-based insurers collected 494.156 million manats ($290.68 million) in premiums on non-life insurance, up 27.3% 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 27.7% to 200.264 million manats ($117.8 million) in the reporting period.

For the reporting period, 40.5 manats ($23.82) were paid for every 100 manats ($58.8) of insurance premiums, while this figure was 40.4 manats ($23.76) in the same period of 2022.