Azerbaijan's insurance premiums for agricultural livestock hit the nail on the head, reaching 2.1 million manat ($1.2 million) in 2024.

The data obtained by Trend from the Central Bank of Azerbaijan shows that this figure shows a decrease of 1.8 million manat ($1 million), or about 46.7 percent, when compared to 2023.

However, the payments for this type of insurance amounted to 1.33 million manat ($782,3), reflecting an increase of 250,000 manat ($147,058) or 23.3 percent compared to the same period in 2023.

Meanwhile, premiums for agricultural livestock insurance in 2023 were 3.9 million manat ($2.2 million), with payments totaling over 1 million manat ($588,2).

Additionally, during the same period, the premiums for agricultural crop insurance amounted to 12.1 million manats, while payments were 5.2 million manat ($3 million). These figures show a decrease of 810,000 manat ($476,476), or 6.2 percent, in premiums and an increase of 3.7 million manat ($2.1 million) in payments compared to the previous year. In 2023, premiums for agricultural crop insurance reached 12.9 million manat ($7.5 million), with payments totaling 3.5 million manat ($2 million).

Notably, the overall volume of insurance premiums in Azerbaijan last year reached 1.3 billion manat ($764,6), marking an increase of 130.6 million manat ($76.8 million) or 10.7 percent compared to 2023. The total amount of payments made by insurance companies during the reporting period was 752.7 million manat ($442.7 million), reflecting an annual increase of 165.4 million manat ($97.2 million) or 28.1 percent.

Source - https://en.trend.az