Azerbaijan increases payments on compulsory life insurance by 86%

In January-July 2021, the premiums on voluntary life insurance amounted to AZN 193,743,200, up 21.9% from the previous year, Report informs, referring to the Central Bank of Azerbaijan.

During the reporting period, the payments on this type of insurance increased by 29% to AZN 176,909,500.

Over the past seven months, AZN 91.3 of insurance payments accounted for every AZN 100 of insurance premiums, while this figure was AZN 86.3 in January-July 2020.

The premiums on compulsory life insurance stood at AZN 38,899,900, up 16.9% from the previous year, Report informs, referring to the Central Bank of Azerbaijan.
During the reporting period, the payments on this type of insurance increased by 86.3% to AZN 2,318,600.

In the reporting period, AZN 5.96 of insurance payments accounted for every AZN 100 of insurance premiums, while this figure was AZN 3.7 in January-July 2020.