Azerbaijan’s insurance market grows by 33%

In January-May 2023, 566.434 million manats ($333.2 million) of insurance premiums were collected in Azerbaijan, up 32.8% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments from insurance companies increased by 35.2% to 174.436 million manats ($102.61 million).

Thus, for the first five months of 2023, 30.8 manats ($18.12) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the insurance market. This figure was 30.2 manats ($17.76) in the same period of 2022.