During January 2023, the volume of funds invested in life insurance in Azerbaijan increased by 42.3%.

"APA-Economics" reports with reference to the Central Bank that in January of this year, the volume of insurance collections collected through five life insurance companies in Azerbaijan reached 32.3 million manats.

In other words, compared to the same period last year, insurance investments increased by 9.6 million manats.

Thus, in January 2022, life insurance companies were able to collect insurance premiums of 22.6 million manats.

During this period, the market share of life insurance in life insurance increased to 94.1%.

So, in the same period of last year, this indicator was 90%.

In January of this year, life insurance payments increased 4.3 times to 19.5 million manats.

In the same period last year, payments for this type of insurance were equal to 4.5 million manats.

Note that life insurance premiums usually cover a period of 3-5 years.

Employees who put a portion of their wages into life insurance each month can get back the tax and social security payments due each month, along with the added interest at the end of the contract.

Shukran Mammadov