Azerbaijan's insurance market grows by 26%

A total of 1,222,537,000 manats ($0.72 billion) of insurance premiums were collected in Azerbaijan in 2023, up 25.9% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments from insurance companies increased by 35.6% to 587.325 million manats ($345.49 million).

Thus, for the twelve months of 2023, 48 manats ($28.24) 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 2022.