Property insurance market in Azerbaijan grows 10%

In January this year, 17.401 million manats were collected in Azerbaijan as part of property insurance, up 9.9% from the same period last year, Report informs referring to the Central Bank of Azerbaijan.

During the reporting period, property insurance payments amounted to 1.28 million manats, a drop of 19.1% from a year earlier.

For every 100 manats of contributions, there were around 7.4 manats of insurance payments. For the same period last year, this figure amounted to 6.8 manats.

Twenty insurance companies in Azerbaijan collected premiums for 118.234 million manats last month, marking a 13.7% increase from the same period last year. The amount of payments made by insurance companies for the reporting period stood at 16.623 million manats (a 3.4-fold decline). Some 14.1 manats of payments accounted for every 100 manats, against 54.65 manats in January 2021.