Property insurance market grows in Azerbaijan

Property insurance premiums in Azerbaijan amounted to nearly 158 million manats ($92.9 million) from January to November 2022, which is 15% more compared to the same period last year.

According to Report, citing the country's Central Bank, the value of property insurance payments made during the reporting period exceeded 18.8 million manats ($11.1 million), dropping 9.2% in annual terms.

During the reporting period, for every 100 premiums collected on the insurance market, payments amounted to 12 manats ($7.06), while a year earlier this figure was at 15.2 manats ($8.9).

Twenty insurance companies in Azerbaijan collected insurance premiums worth over 875 million manats, ($514.7 million) which is 14% more than in the same period last year.

The payments made by insurance companies for the reporting period amounted to 401 million manats ($235.9 million), having declined by 6.7% year on year.