Azerbaijan's insurance market grows by 28%

A total of 937.238 million manats ($551.316 million) of insurance premiums were collected in Azerbaijan in January–September 2023, up 28.2% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments from insurance companies increased by 25.7% to 400.387 million manats ($235.522 million).

Thus, for the first nine months of 2023, 42.7 manats ($25.12) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the insurance market. This figure was 43.6 manats ($25.65) in the same period of 2022.