Payments for life insurance in Azerbaijan rise by 70%

More than 502.5 million manats (just over $295.6 million) in insurance premiums were collected from life insurance in Azerbaijan in the first eight months of 2024, marking a 16% increase year-on-year, Report informs, citing the Central Bank of Azerbaijan (CBA).

During the reporting period, payments on life insurance grew by 69.7% and exceeded 333.2 million manats (just over $196 million).

Thus, 66.3 manats ($39) of each 100 manats ($58.82) collected from the life insurance market were reimbursed in the first eight months of 2024. This figure stood at 45.3 manats ($26.65) in the corresponding period of 2023.