BAKU, Azerbaijan, November 28. Azerbaijan's insurance sector saw a decline in both contributions and payouts during the first ten months of this year.
Data obtained by Trend from the Central Bank of Azerbaijan indicates that the largest volume of insurance payments fell on Ipek Yolu Insurance OJSC 5.3 million manat ($3.1 million) in the first ten months of this year.
This represents a decline of 10.2 million manat ($5.9 million), or 65.9 percent, compared to the same period in 2023. Last year, the company collected 15.5 million manat ($9.1 million) in insurance premiums during the same timeframe.
Next up, Baku Insurance OJSC collected 1.9 million manat ($1.1 million) in insurance premiums in the first ten months of this year, a decrease of 2.8 million manat ($1.6 million), or 65.1 percent, compared to the same period in 2023. Last year, the company gathered 4.3 million manat ($2.5 million) in premiums during the first ten months.
During the reporting period, Agro Insurance OJSC collected 12.4 million manat ($7.2 million) in insurance premiums, a decrease of 2.3 million manat ($1.3 million), or 15.8 percent, compared to the same period last year. The company collected 14.7 million manat ($8.6 million) in premiums from January to October of 2023.
Qala Life Insurance OJSC collected 20.3 million manat ($11.9 million) in insurance premiums during the first ten months of this year. This represents a decrease of 1.8 million manat ($1 million), or 5.1 percent, compared to the same period in 2023. The company collected 21.4 million manat ($12.5 million) in premiums in the first ten months of last year.