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Azerbaijan sees notable increase in life insurance death benefits

Economy Materials 12 February 2025 16:30 (UTC +04:00)
Azerbaijan sees notable increase in life insurance death benefits
Evez Hasanov
Evez Hasanov
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BAKU, Azerbaijan, February 12. Premiums for death coverage in Azerbaijani life insurance policies reached 34.2 million manat ($20.1 million) in 2024.

The data obtained by Trend from the Central Bank of Azerbaijan indicates that insurance payments for this type of coverage amounted to 2.6 million manat ($1.5 million). This figure is 31.6 million manat ($18.5 million), or 13 times less than the collected insurance premiums.

The life insurance premiums for death coverage saw an increase of 1.2 million manat ($705,8), or 3.8 percent, in 2024 compared to the previous year. Payments for this insurance type also rose by 616,000 manat ($362,352), or 30.3 percent, year-on-year. In 2023, premiums for life insurance in the event of death reached 33 million manat ($19.4 million), and the total payouts were 2 million manat ($1.1 million).

Moreover, the total volume of insurance premiums in Azerbaijan last year amounted to 1.3 billion manat ($764.7 million), an increase of 130.6 million manat ($76.8 million), or 10.7 percent, compared to 2023. The total payments made by insurance companies during the reporting period amounted to 752.7 million manat ($442.7 million), reflecting an increase of 28.1 percent year-on-year.

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