Life insurance premiums in Azerbaijan rise 16.1% in 11 months

In January–November this year, life insurance premiums collected in Azerbaijan totaled 773.9 million manats, a 16.1% increase compared to the same period in 2024, Report informs, citing the Central Bank of Azerbaijan (CBA).

During the reporting period, payouts under life insurance products rose by 32.2% year-on-year to 595.69 million manats. As a result, 77 manats out of every 100 manats collected in life insurance premiums were paid back to customers over 11 months, up from 67.6 manats a year earlier.

Overall, Azerbaijan's 16 insurance companies collected a total of 1.37 billion manats in insurance premiums in January–November, an increase of 11.7% compared to the same period last year.

Insurance payouts during the period amounted to 844.83 million manats, up 21.7% year-on-year. This means that 61.9 manats out of every 100 manats in total insurance premiums were paid out, compared to 56.8 manats in the same period last year.

1 manat=$0.59 according to exchange rates by the CBA (as of December 25)