Azerbaijan's life insurance market grows by 43%

In January-March 2023, 150.476 million manats ($88.51 million) of insurance premiums were collected in Azerbaijan thanks to various types of life insurance, Report informs, citing the Central Bank of Azerbaijan.

According to the bank, this is 43.1% more year-on-year.

During the reporting period, payments from various types of life insurance increased 3.2 times and reached 55.696 million manats ($32.76 million).

Thus, for the first quarter of 2023, 37 manats ($21.76) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the life insurance segment. This figure was 16.8 manats ($9.88) in the same period of 2022.