BAKU, Azerbaijan, March 4. The total amount of insurance premiums collected for credit insurance by insurance companies operating in Azerbaijan amounted to 495,000 manat (approximately $290,000) in January of this year.
Data obtained by Trend from the country's Central Bank shows that this figure grew by 42,300 manat ($24,800) or 9.4 percent higher compared to January 2024 (452,700 manat ($267,000)).
Last month, the volume of insurance payments for this type of insurance amounted to 5,000 manat ($2,940), up 78.6 percent compared to January 2024 (2,800 manat ($1,650)).
The volume of insurance collections by insurance companies in Azerbaijan amounted to 163.7 million manat ($96.29 million), up 17.6 percent year on year.
In addition, local companies made insurance payments totaling 47.6 million manat ($28.1 million) in the reporting month, which is 22.8 percent more compared to the same period last year.