Azerbaijan's life insurance market jumps by 28%

In January–October 2023, 525.588 million manats ($309.17 million) of premiums were collected in Azerbaijan thanks to various types of life insurance, up 28.3% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments on this type of insurance increased by 25.8% to 254.748 million manats ($149.85 million).

Thus, for the 10 months of 2023, 48.5 manats ($28.53) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the life insurance segment. This figure was 49.4 manats ($29.06) in the same period of 2022.