BAKU, Azerbaijan, February 3. The insurance companies in Azerbaijan raked in a whopping 82.6 million manat ($48.6 million) for mandatory property insurance in 2024.
Data obtained by Trend from the Central Bank of Azerbaijan (CBA) shows that insurance payouts in the amount of 3.31 million manat were made for this type of insurance. The paid insurance claims were 79.389 million manat or 25 times less than the collected insurance premiums.
The total premiums for mandatory property insurance increased by 5.8 percent compared to the previous year, rising by 4.4 million manat ($2.5 million). However, the payouts decreased by 42.2 percent, falling by 2.4 million manat ($1.4 million) compared to the previous year.
Moreover, the total premiums collected for mandatory property insurance stood at 78.2 million manat ($45.9 million) in 2023, with payouts amounting to 5.72 million manat ($3.36 million).
Overall, the total amount of insurance premiums in Azerbaijan last year was 1.3 billion manat ($764.4 million), marking an increase of 130.6 million manat ($76.8 million), or 10.7 percent, compared to 2023.The insurance companies have opened their wallets to the tune of 752.7 million manat ($442.6 million), showing a healthy bump of 165.4 million manat ($97.2 million) or a solid 28.1 percent increase over the year.
