Azerbaijan sees over 3% growth in compulsory insurance market

Over 235.07 million manats (just under $138.3 million) in insurance premiums were collected from compulsory insurance in Azerbaijan in the initial eight months of 2024, up 3.1% year-on-year, Report informs, citing Central Bank of Azerbaijan (CBA).

During the reporting period, the amount of payments for compulsory insurance amounted to 85.532 million manats (just over $50.3 million), which is 19.4% more than a year ago.

Thus, 33.5 manats ($21.41) of each 100 manats ($58.82) collected from the compulsory insurance market were reimbursed in the first eight months of 2024. This figure stood at 31.4 manats ($18.47) in the corresponding period of 2023.