Property insurance market in Azerbaijan grows

In January-April this year, the premiums on property insurance amounted to 46.815 million manats ($27.54 million) in Azerbaijan, up 0.3% from the same period last year, Report informs referring to the Central Bank of Azerbaijan.

During the reporting period, property insurance payments stood at 6.428 million manats ($3.78 million) , a drop of 18.6% from a year earlier.

In the first four months of 2022, 13.7 manats ($8) were paid for every 100 manats ($58.82) of insurance premiums collected in the market. In the same period last year, this figure was 16.9 manats ($9.94).

Twenty insurance companies in Azerbaijan collected premiums for 358.771 million manats ($211.04 million) last month, marking a 5.8% increase from the same period last year. The amount of payments made by insurance companies for the reporting period stood at 93.418 million manats ($54.95 million), down 48% from the previous year. Some 26 manats ($15.29) of payments accounted for every 100 manats ($58.82), against 53 manats ($31.18) in January-April 2021.