From January to October 2020, the Azeri life insurance market totaled AZN 259.2 million (EUR 130.51 million*) exceeding the same period of 2019 by 16%, Trend reports referring to the Azerbaijani Central Bank (CBA).

Life insurance, which has been operating in Azerbaijan since 2011, is represented by four insurers - PASHA Life, Ateshgah Life, Qala Life, and Xalq Life, and their share in total market volume for 10 months reached 62.3%.

At the same time, compulsory non-life insurance for the first 10 months has reached AZN 147.8 million, which is 23.5% of the total market volume. Compulsory third-party liability insurance of vehicle owners amounted to AZN 78.8 million, which makes 53.3% of all non-life insurance sector. Another big segment, real estate insurance is demonstrating stable growth, with AZN 36.7 million of collected premiums, which exceeded paid claims in this segment by 10 times.

Compulsory insurance in Azerbaijan is carried out by the companies-members of the Compulsory Insurance Bureau (CIB). Now, 16 companies have licenses for compulsory insurance types in Azerbaijan, at that 4 of them operate in life insurance, and 11 - in non-life insurance sector.

* at the following exchange rate:
1 EUR = 1.9860 AZN (October 30, 2020)