Azerbaijan's life insurance market grows by 37%

In January-May 2023, 291.148 million manats ($171.3 million) of premiums were collected in Azerbaijan thanks to various types of life insurance, up 36.7% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments on this type of insurance increased 81.4% and reached 94.798 million manats ($55.8 million).

Thus, for the 5 months of 2023, 32.6 manats ($19.18) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the life insurance segment. This figure was 24.5 manats ($14.41) in the same period of 2022.