BAKU, Azerbaijan, January 2. Total life insurance fees in Azerbaijan from January through November 2023 amounted to 572.8 million manat ($336.9 million), growing by 27 percent year-on-year, Trend reports via the Central Bank of Azerbaijan (CBA).
During the reporting period, payments on life insurance types reached 275 million manat ($161.7 million), up by 19 percent.
Meanwhile, the payout ratio for insurance fees in Azerbaijan shifted as, for every 100 manat collected, 48 manat ($28) were disbursed, compared to 51.3 manat ($30.18) in the same 2022 period. Total insurance premiums for January through November 2023 reached 1.1 billion manat ($650 million), marking a 26.6 percent year-on-year increase. Insurers dedicated 497.46 million manat ($292.6 million) to compensate for insured incidents during this period, reflecting a 24.1 percent surge compared to the corresponding timeframe in 2022.