AZERBAIJAN: from January to October the market growth exceeded 27% y-o-y

27 November 2023 — Marina MAGNAVAL
For the first 10 months of 2023, 20 insurance companies in Azerbaijan collected over AZN 1 billion (~EUR 0.55 billion), which is 27.8% more y-o-y, ABC.AZ wrote with reference to the Central Bank (CBA).

Total paid claims for the reporting period reached AZN 455.01 million (~EUR 252.78 million), which is 26.6% more y-o-y.

During January-October 2023, GWP and paid claims in personal insurance increased. According to the CBA, premiums for this type of insurance amounted to AZN 112.81 million, which is 9.6% more y-o-y. Paid claims amounted to AZN 64.12 million (+3.1%).

It is noted that GWP and paid claims for all types of insurance have increased in Azerbaijan, except for life insurance. In January-October, life GWP amounted to AZN 289.38 million (+15.6%), and paid claims – AZN 112.80 million (+41.7%).

GWP in compulsory vehicle insurance have increased sharply, while the loss ratio has decreased. In January-October in Azerbaijan, over AZN 135 million (+48%) were collected in compulsory liability insurance of vehicle owners. Paid claims amounted to AZN 87.45 million (+16%). Last year, total loss in compulsory vehicle insurance was 83%; now it has dropped to 64%.

*EUR 1 = AZN 1.80 (01.11.2023)