Azerbaijan's insurance market grows by 9%

A total of 833.58 million manats (about $490.35 million) of insurance premiums were collected through 17 insurance companies in Azerbaijan in January-July 2024, marking an increase of 9.4% year-on-year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments from insurance companies rose by 55.6% to 440.19 million manats (about $258.94 million).

Meanwhile, in the first seven months of 2024, 52.8 manats ($31.05) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the insurance market. This figure was 37.1 manats ($21.82) in the same period of 2023.