Azerbaijan's life insurance market grows by over 35%

In January-May 2023, 333.27 million manats ($195.6 million) of premiums were collected in Azerbaijan thanks to various types of life insurance, up 35.5% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments on this type of insurance increased 51.7% and reached 128.55 million manats ($75.46 million).

Thus, for the 6 months of 2023, 38.6 manats ($22.65) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the life insurance segment. This figure was 34.5 manats ($20.25) in the same period of 2022.