In the first seven months of 2023, 202.514 million manats ($119.12 million) premiums (+42.8%) were collected on the compulsory insurance types in Azerbaijan, Report informs, citing the Central Bank of Azerbaijan.
During the reporting period, payments on the compulsory insurance types amounted to 61.651 million manats ($36.26 million), which is 13.4% more than a year ago.
Thus, 30.4 manats ($17.88) of insurance payments accounted for every 100 manats ($58.82) of insurance premiums in the first quarter, while this figure was 38.3 manats ($22.52) in the same period of 2022.
Azerbaijan-based 20 insurers collected 761.8 million manats ($448.1 million) in premiums in January-July 2023, 31.2% more than a year earlier.