In January-July this year, 294.156 million manats ($173.03 million) premiums were collected in Azerbaijan from the life insurance types, 26.4% more than in the same period last year, Report informs citing the Central Bank of Azerbaijan.
During the reporting period, payments on this type of insurance decreased by 25% and amounted to 134.449 million manats ($79.09 million).
Thus, in January-July 2022, 45.7 manats ($26.88) were paid for every 100 manats ($58.8) collected in the life insurance market. This figure was 77 manats ($45.3) in January-July 2021.
During the reporting period, insurance premiums worth 580.501 million manats ($341.47 million) were collected through 20 insurance companies in Azerbaijan, 9.9% more than in the same period last year.
The number of payments made by insurance companies during the reporting period amounted to 241.128 million manats ($141.84 million), 19.9% less than a year earlier.
In the first seven months of 2022, 41.5 manats ($24.41) were paid for every 100 manats ($58.82) of insurance premiums, while this figure was 57 manats ($33.53).