Baku: In January-May of this year, the volume of premiums collected by insurance companies in Azerbaijan amounted to 719.3 million manats, the Central Bank of Azerbaijan said, APA-Economics reports. This marks a 1.8% increase compared to the same period last year.

According to Azeri-Press News Agency, during the reporting period, insurance companies paid out a total of 409.6 million manats in claims. This figure represents a significant increase of 30% year-on-year. It should be noted that the loss ratio of the insurance market increased during this period. In the first five months of the year, insurance companies paid out 55.9 manats for every 100 manats of premiums collected. In the same period last year, this figure stood at 43.8 manats.