Azerbaijan records growth in insurance market

Twenty insurance companies in Azerbaijan collected insurance fees worth roughly 655 million manats ($385.3 million) from January to August this year, which is 12.8 per cent more compared to the same period last year.

The payments made by the Azerbaijani insurers over the reporting period totalled over 283.6 million manats ($166.8 million), decreasing by 16.5 per cent in annual terms, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, for every 100 manats ($59) collected in the insurance market, 43.3 manats ($25.5) came from insurance payments. A year earlier this figure was equal to 58.5 manats ($34.4).