Azerbaijan's life insurance market up by 30%

In January-September 2023, 481.497 million manats ($283.23 million) of premiums were collected in Azerbaijan thanks to various types of life insurance, up 30.4% from the previous year, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments on this type of insurance increased 24.9% to 223.047 million manats ($131.2 million).

Thus, for the 9 months of 2023, 46.3 manats ($27.24) of insurance premiums were returned to customers for every 100 manats ($58.82) collected in the life insurance segment. This figure was 48.4 manats ($28.47) in the same period of 2022.