BAKU, Azerbaijan, March 3. Azerbaijan's insurance premiums for non-life insurance amounted to 85 million manat ($50 million) in January 2025.
Data obtained by Trend from the country's Central Bank indicates that this figure shows an increase of 6.9 million manat ($4 million) or 8.8 percent compared to the same period last year (78.1 million manat ($45.9 million)).
Meanwhile, the country's volume of payments for non-life insurance amounted to 8.4 million manat ($45.9 million) during the mentioned period, which is a decrease of 557,000 manat ($45.9 million) or 6.2 percent year-on-year. In the first month of 2024, insurance payments for non-life insurance totaled 9 million manat ($45.9 million).
Last month, for every 100 manat ($239.8) of insurance premiums collected in this category, 10 manat ($239.8) were paid out in insurance claims, which is 1.5 manat ($239.8) less compared to the same period last year, when the figure was 11.5 manat ($239.8).
The total insurance premium collections of insurance companies in Azerbaijan amounted to 163.7 million manat ($96.3 million) in January 2025. This figure grew by 17.6 percent or 24.5 million manat ($14.4 million) compared to the same month in 2024 (139.1 million manat or $81.8 million).
The total payments of insurance companies in Azerbaijan amounted to 47.6 million manat ($28 million) in January 2025. This figure grew by 22.8 percent, or 8.8 million manat ($5.18 million), compared to the same month in 2024 (38.8 million manat, or $22.8 million).