Azerbaijan's life insurance market grows by 27%

In January–November 2023, the premiums on various types of life insurance amounted to 572.820 million manats ($336.95 million), up 27% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments on this type of insurance increased by 19% to 275.083 million manats ($161.81 million).

Thus, for the 11 months of 2023, 48 manats ($28.24) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the life insurance segment. This figure was 51.3 manats ($30.18) in the same period of 2022.