BAKU, Azerbaijan, May 2. Azerbaijan’s property insurance market posted solid growth in the first quarter of the year, TurkicWorld reports, citing the Central Bank of Azerbaijan.
Between January and March, insurance premiums collected for property insurance totaled 65.901 million manats, marking an increase of 13.1 million manats, or 24.9%, compared to the same period last year.
During the same period, payouts for property insurance claims rose by 1.061 million manats, or 12.5%, reaching 9.570 million manats.
Overall, insurance companies operating in Azerbaijan collected 417.753 million manats in premiums in the first three months of the year, up 18.7 million manats, or 4.7%, year-over-year.
Total insurance payouts reached 218.456 million manats, an increase of 54.4 million manats, or 33.2%, compared to the same period last year.
