Azerbaijan's life insurance market rises by nearly 38%

In January 2025, 61.89 million manats (just over $36.4 million) in insurance premiums were collected for life insurance types in Azerbaijan, representing a 37.5% increase year-on-year, Report informs, citing the Central Bank of Azerbaijan (CBA).

In the specified period, payments on this type of insurance rose by 35.4% to 29.463 million manats (over $17.331 million).

Consequently, for every 100 manats ($58.82) collected in life insurance premiums during January 2025, 47.6 manats ($28) were returned to customers. This figure stood at 48.4 manats ($28.47) a year ago.

Overall, 16 insurance companies in Azerbaijan collected insurance premiums totaling 163.658 million manats (almost $96.27 million) in January 2025, marking a 17.6% year-on-year increase.

The total amount of payments made by insurance companies during the month was 47.623 million manats (just over $28 million), a 22.8% rise from the previous year.