BAKU, Azerbaijan, April 1. Insurance companies in Azerbaijan collected premiums worth 103.6 million manat ($60.9 million) for life insurance, with payouts totaling 68.9 million manat ($40.5 million) from January through February 2025.
Data obtained by Trend from the Central Bank indicates that this represents an increase of 23.2 million manat ($13.6 million), or 28.9 percent, in premiums and a 15.6 percent, or 9.3 million manat ($5.4 million), rise in payouts compared to the same period in 2024.
To note, total insurance premiums across all sectors in Azerbaijan from January through February 2025 amounted to 281.2 million manat ($165.4 million), reflecting a growth of more than 17.2 percent from the previous year. During the same period, insurance companies paid out 108.6 million manat ($63.8 million) in claims, marking an 11.5 percent increase from last year’s figures.
To note, the Central Bank of the Republic of Azerbaijan executes its mandate for state regulation and oversight within the insurance sector, as delineated in Article 95 of the Law of the Republic of Azerbaijan “On Insurance Activities.” At present, there are 16 insurance entities functioning within the jurisdiction of Azerbaijan.
