Life insurance payments up by 63% in Azerbaijan

In January-September 2024, 560.14 million manats ($329.5 million) in insurance premiums were collected for life insurance types in Azerbaijan, marking a 16.3% increase compared to the same period in 2023 Report informs, citing the Central Bank of Azerbaijan (CBA).

During the reporting period, payments for life insurance types increased by 62.8%, reaching 363.08 million manats ($213.57 million).

Thus, during the nine months, out of every 100 manats ($58.8) of insurance premiums collected in the life insurance market, 64.8 manats ($38.11) were paid back to customers. This figure was 46.3 manats ($27.23) a year ago.

In January-September 2024, 1.02 billion manats ($590 million) in insurance premiums were collected through 17 insurance companies in Azerbaijan. This is 9.4% more compared to the same period last year.

During the nine months, 54.1 manats ($31.82) were paid out for every 100 manats of insurance premiums collected in the insurance market. This indicator was 42.8 manats ($25.17) in the same period last year.