BAKU, Azerbaijan, January 31. Azerbaijan's credit insurance sector saw a substantial increase in premiums for 2024, with collections reaching 5.2 million manat ($3 million).
The data obtained by Trend from the Central Bank of Azerbaijan indicates that this represents a significant rise of 3.4 million manat ($1.9 million)—or 2.8 times the amount collected in 2023.
The country's broader insurance market also demonstrated growth, with total premiums for 2024 hitting 1.3 billion manat ($764.4 million), an increase of 10.7 percent from the previous year.
Meanwhile, payments made by insurers during the same period amounted to 752.7 million manat ($442.6 million), up 28.1 percent from 2023.