Azerbaijan's life insurance market grows by more than 16%

In January 2024, the premiums on various types of life insurance amounted to 45.012 million manats ($26.48 million), up 16.3% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments on this type of insurance increased by 9.6% to 21.765 million manats ($12.8 million).

Thus, for the first month of 2024, 48.4 manats ($28.47) 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 2023.