Azerbaijan’s life insurance market grows by 44%

In January 2022, the premiums on life insurance stood at 29,698 million manats, up 43.6% from the previous year, Report informs, referring to the Central Bank of Azerbaijan (CBA).

In the reporting period of 2022, the payments made up 5.012 million manats,5.7-fold less than a year earlier.

During the reporting period, 16.9 manats payment was made for each 100 manats insurance fee collected in the life insurance market. This figure was 71.9 manats in the same period last year.

Only 5 insurance companies (Gala Life Insurance, Pasha Life Insurance, Xalg Life, Mega Life and Ateshgah Life) in Azerbaijan have the license to operate on life insurance.