Life insurance market in Azerbaijan grows by nearly 17%

In 2024, 734.02 million manats ($431.78 million) in insurance premiums were collected for life insurance types in Azerbaijan, 16.7% more compared to 2023's figures, Report informs, citing the Central Bank of Azerbaijan.

During the reporting period, payments for life insurance types increased by 61.8%, reaching 483.252 million manats ($284.27 million).

Thus, throughout the year, out of every 100 manats ($58) collected in the life insurance market, 65.8 manats ($38.7) were returned to customers. This figure was 47.5 manats ($27.94) a year ago.

In 2024, 17 insurance companies in Azerbaijan collected insurance premiums totaling 1.35 billion manats (about $790 million) - 10.7% more year-on-year.

During the reporting period, the amount of payments made by insurance companies totaled 752.71 million manats ($442.77 million), 28.2% more compared to the previous year.

Last year, out of every 100 manats collected in the insurance market, 55.6 manats ($32.7) were paid out. The previous year, this indicator was 48 manats ($28.23).