Azerbaijan's insurance market grew by nearly 11% in 2024

In 2024, just over 1.353 billion manats (almost $796 million) of insurance premiums were collected in Azerbaijan, marking a 10.7% increase year-on-year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments from insurance companies rose by 28.2% to just over 752.7 million manats ($442.7 million).

Thus, in 2024, 55.6 manats ($32.71) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the insurance market. This figure was 48 manats ($28.24) in the same period of 2023.