AZERBAIJAN: voluntary life insurance at the end of July grew by 22% y-o-y

20 September 2021 —
GWP in voluntary life insurance in Azerbaijan from January to July 2021 increased by 22% y-o-y and reached AZN 194 million (EUR 96 million*), Trend reports.

According to the Central Bank of Azerbaijan (CBA), the share of accumulative insurance in the overall structure of voluntary life insurance portfolio amounted to about 88%, GWP increased by 26% y-o-y and exceeded AZN 170 million. The share of death insurance in voluntary life insurance was 11% for the period, however, GWP for this type decreased by 7% to AZN 21.4 million.

Paid claims in voluntary life insurance increased by 29% over the year and reached AZN 177 million. Almost all paid claims (99%) fell on accumulative life insurance - AZN 175 million (+28%).

In general, GWP for voluntary types of insurance in Azerbaijan in the first seven months of 2021 increased by 12% y-o-y and reached AZN 365 million. Paid claims in voluntary insurance increased over the year by 21% to AZN 228 million.

The life insurance market in Azerbaijan has been operating since 2011. Five companies are licensed to provide life insurance services: PASHA Life, Ateshgah Life, Qala Life, Xalq Life Mega Life Insurance.

* at the following exchange rate:

1 EUR = 2.0193 AZN (31.07.2021)