Azerbaijan observes 9% growth in insurance market

More than 1.112 billion manats ($654.13 million) of insurance premiums were collected in Azerbaijan during the first 10 months of 2024, marking a 9.05% increase year-on-year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments from insurance companies rose by 36.8 to 622.3 million manats ($366 million).

Thus, in January-October of this year, 56 manats ($32.94) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the insurance market. This figure was 44.6 manats ($26.24) in the same period of 2023.