BAKU, Azerbaijan, January 2. Total compulsory insurance fees in Azerbaijan amounted to 295.6 million manat ($173.88 million) from January through November 2023, Trend reports via the Central Bank of Azerbaijan (CBA).
The CBA's data showed that this is a growth of 26.6 percent year-on-year.
In the reporting period, payments on compulsory insurance types stood at slightly over 99 million manat ($58 million), up by 13.7 percent.
Meanwhile, for every 100 manat of insurance premiums, 33.5 manat ($19.7) of payments were made, while in the same period in 2022 - 40.1 manat ($23.59).
Total premiums of insurance companies in Azerbaijan from January through November 2023 amounted to 1.1 billion manat ($650 million), up by 26.6 percent year-on-year.
During this period, insurers allocated 497.46 million manat ($292.6 million) for reimbursement of insured incidents, a 24.1 percent increase over the same time in 2022.
