BAKU, Azerbaijan, November 7. The volume of fees for credit insurance in Azerbaijan increased almost by seven times year-on-year as of October 1, 2022, Trend reports via reporting data of the Central Bank of Azerbaijan (CBA).
According to the CBA, which is the regulator of the local insurance market, this figure amounted to 1.15 million manat ($676.4 million) from January through September 2022 compared to 164,700 ($96,882) in the same period the previous year.
Generally, Azerbaijani insurance companies collected insurance premiums in the amount of more than 731.2 million manat ($430.1 million) from January through September 2022 and paid out 318.6 million ($187.4 million).