Azerbaijan's insurance market grows by 31%

A total of 761.801 million manats ($448.12 million) of insurance premiums were collected in Azerbaijan in January-July, up 31.2% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments from insurance companies increased by 17.4% to 282.977 million manats ($166.46 million).

Thus, for the first seven months of 2023, 37.1 manats ($21.82) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the insurance market. This figure was 41.5 manats ($24.41) in the same period of 2022.