Azerbaijan's life insurance market surges

In January-March 2024, the premiums on various types of life insurance amounted to 175.919 million manats (about $103.5 million), up 16.9% from the corresponding period of the previous year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments on this type of insurance increased by 74.5% to 97.168 million manats (over $57.1 million).

Thus, for the first quarter of 2024, 55.2 manats ($32.47) of insurance premiums were repaid to customers for every 100 manats ($58.82) collected in the life insurance segment. This figure was 37 manats ($21.76) in the same period of 2023.