BAKU, Azerbaijan, April 2. Insurance companies in Azerbaijan raked in 40.3 million manat ($23.7 million) in property insurance premiums from January through February 2025.
Data obtained by Trend from the Central Bank of Azerbaijan indicates that this represents an increase of 583,000 manat ($342,937), or 1.5 percent, compared to the same period in 2024.
Additionally, the volume of property insurance payouts during this period totaled 6 million manat, marking an increase of 603,000 manat ($354,706), or 11.1 percent, compared to January-February of the previous year.
In total, insurance companies in Azerbaijan collected 281.2 million manat in premiums, a 17.2 percent increase compared to the same period last year. Payouts also rose to 108.6 million manat ($63.8 million), showing an 11.5 percent increase over the previous year's figures.
To note, the insurance premium totaling 281.2 million manat ($165.4 million) was collected via insurance companies in Azerbaijan from January through February 2025, which is a growth of 17.2 percent or 41.5 million manat ($24.4 million) compared to the same period in 2024.
In addition, insurance companies made insurance payments totaling 108.6 million manat ($63.8 million) during the reporting period, which is an 11.5 percent rise compared to the same months in 2024.
To note, the Central Bank of the Republic of Azerbaijan executes its mandate for state regulation and oversight within the insurance sector, as delineated in Article 95 of the Law of the Republic of Azerbaijan “On Insurance Activities.” At present, there are 16 insurance entities functioning within the jurisdiction of Azerbaijan.
