15:30 - 22.06.2023

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June 22, Fineko/abc.az. The premiums collected for Jan-May 2023 in Azerbaijan by five life insurance companies amounted to AZN 239.257 million.

ABC.AZ reports with reference to the Central Bank that this indicator is by 45.2% or AZN 74.447 million more versus Jan-May 2022. Over Jan-May 2022, life insurance companies managed to gather AZN 164.8 million of premiums. The share of the life insurance market in life insurance has grown to 95%. So, for the same period of 2022, this figure was 93.3%.

In the first 5 months of 2023, life insurance payments increased by 89.4% and reached AZN 93.329 million (against AZN 49.286 million for Jan-May 2022).

Life insurance premiums usually cover a period of 3 to 5 years. Employees who send a portion of their monthly salary to life insurance can receive a refund of taxes and social security payments that must be paid every month, as well as interest added at the end of the contract.