BAKU, Azerbaijan, March 3. Life insurance premiums in Azerbaijan amounted to over 55.6 million manat ($32.7 million) in January 2025.
Data obtained by Trend from the Central Bank of Azerbaijan shows that this figure represents an increase of approximately 15.4 million manat ($9 million), or nearly 40 percent, compared to the same period in 2024 (40.2 million manat ($23.6 million)).
Meanwhile, the volume of payments under this insurance category reached about 29.1 million manat ($17.1 million) during the same period, which is an increase of around 7.5 million manat ($4.4 million), or over 34.7 percent, year on year (21.6 million manat ($12.7 million)).
Last month, for every 100 manat ($58.8) of life insurance premiums collected, 52.3 manat ($30.7) were paid out in claims. This is slightly less than the previous year’s figure, which stood at 53.7 manat ($31.5).
The total insurance premium collections of insurance companies in Azerbaijan amounted to 163.7 million manat ($96.3 million) in January 2025. This figure grew by 17.6 percent or 24.5 million manat ($14.4 million) compared to the same month in 2024 (139.1 million manat or $81.8 million).
The total payments of insurance companies in Azerbaijan amounted to 47.6 million manat ($28 million) in January 2025. This figure grew by 22.8 percent, or 8.8 million manat ($5.18 million), compared to the same month in 2024 (38.8 million manat, or $22.8 million).