Azerbaijan's insurance market grows by 14%

A total of 643,754,000 manats (about $378.56 million) of insurance premiums were collected through 17 insurance companies in Azerbaijan during January-May 2024, marking an increase of 13.65% year-on-year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments from insurance companies rose by 55.7 to 274,837,000 manats (about $161.62 million).

Meanwhile, in the first five months of 2024, 42.7 manats ($25.11) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the insurance market. This figure was 30.8 manats ($18.11) in the same period of 2023.