Property insurance payments down by nearly 46% in Azerbaijan

A total of 166.29 million manats ($97.81 million) in insurance premiums were collected for property insurance in Azerbaijan, marking a 4.8% increase compared to the same period in 2023, Report informs, citing the Central Bank of Azerbaijan (CBA).

During the reporting period, the payments for property insurance amounted to 23.63 million manats ($13.9 million), 45.7% less compared to a year ago. Out of every 100 manats ($58.8) collected in property insurance premiums, 14.2 manats ($8.35) were paid out. This figure was 27.4 manats ($16.11) a year ago.

In January-September 2024, 1.02 billion manats ($590 million) in insurance premiums were collected through 17 insurance companies in Azerbaijan. This is 9.4% more compared to the same period last year.

During the reporting period, the amount of payments made by insurance companies totaled 553.75 million manats ($325.73 million). This is 38.3% more compared to the previous year.

During the nine months, 54.1 manats ($31.82) were paid out for every 100 manats ($58.8) of insurance premiums collected in the insurance market. This indicator was 42.8 manats ($25.17) in the same period last year.