Azerbaijan's life insurance market grows by 34%

In January-April 2023, 235.807 million manats ($138.71 million) of premiums were collected in Azerbaijan thanks to various types of life insurance, up 33.5% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments on this type of insurance increased 2.3 times and reached 72.19 million manats ($42.46 million).

Thus, for the first quarter of 2023, 30.6 manats ($18) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the life insurance segment. This figure was 17.9 manats ($10.53) in the same period of 2022.