Baku: In January through October of this year, Azerbaijan’s insurance market saw collections totaling 1 billion 255 million 973 thousand manat. This represents a 12.8% increase compared to the same period in the previous year.

According to Azeri-Press News Agency, the Central Bank of Azerbaijan reported that insurance companies made payments amounting to 772 million 602 thousand manat during this period, marking a rise of 24.1% from the previous year.

It was noted that for every 100 manats collected in premiums during the reporting period, 61.5 manats were paid out. In the same timeframe last year, the payout stood at 55.9 manats for every 100 manats collected.