Azerbaijan's insurance market grows

A total of 373,140,000 manats (about $219.5 million) of insurance premiums were collected in Azerbaijan in January–March 2024, up 7.6% from the corresponding period of the previous year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments from insurance companies rose by 49.9% to 153,327,000 manats (about $90.2 million).

Thus, in the first quarter of 2024, 41.1 manats ($24.18) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the insurance market. This figure was 29.5 manats ($17.35) in the same period of 2023.