Azerbaijan's insurance market grows by 29%

A total of 846.854 million manats ($498.15 million) of insurance premiums were collected in Azerbaijan in January-August 2023, up 29.3% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments from insurance companies increased by 21.9% to 345.796 million manats ($203.41 million).

Thus, for the first eight months of 2023, 40.8 manats ($24) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the insurance market. This figure was 43.3 manats ($25.47) in the same period of 2022.