Property insurance payments shrink in Azerbaijan

In 2024, 233.51 million manats ($137.3 million) in insurance premiums were collected for property insurance in Azerbaijan, 10.7% more compared to 2023's figures, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, the amount of payments for property insurance amounted to 37.92 million manats ($22.3 million), 2.7 times less compared to a year ago.

Throughout the year, 16.2 manats ($9.52) were paid out for every 100 manats ($58) of insurance premiums collected for property insurance. This indicator was 48.1 manats ($28.3) a year ago.

In 2024, 17 insurance companies in Azerbaijan collected insurance premiums totaling 1.35 billion manats (about $790 million). 10.7% more compared to 2023.

During the reporting period, the amount of payments made by insurance companies totaled 752.71 million manats ($442.77 million), 28.2% more compared to the previous year.

Last year, out of every 100 manats collected in the insurance market, 55.6 manats ($32.7) were paid out. The previous year, this indicator was 48 manats ($28.23).