The insurance sector of Azerbaijan ended the first quarter of 2023 with an increase of 34%, reaching AZN 346.91 million (EUR 187.17 million). However, growth of paid claims was even more rapid - they jumped by 67% in local currency to AZN 102.29 million (EUR 55.19 million), according to statistics published by the National Bank.

The leader of the insurance sector, life insurance company PASHA Life Insurance, increased its profit to AZN 9.5 million (~EUR 5.13 million) in the first quarter of 2023. At the same time, the company's paid claims tripled y-o-y, amounting to AZN 48 million, Trend reports.

As of January 1, 2023, total liabilities of insurers increased by 28.8% to AZN 1,027.85 million (~EUR 0.56 billion). At that, 13 insurers increased their liabilities, while other 7 - decreased. Total long-term liabilities of companies increased by 23.6% to AZN 920.16 million, while total short-term liabilities doubled to AZN 107.68 million, Trend reports.

In January-February 2023, total GWP of 20 insurance companies in Azerbaijan amounted to AZN 221.06 million (~EUR 122.81 million), which is 24% more y-o-y, ABC.AZ reports with reference to the data of the Central Bank.

A new chairman has been elected to the Supervisory Board of the Azerbaijan Insurers Association (ASA), Ulviya Jabbarova, chairman of the board of directors of PASA Sigorta, ABC.AZ reports.

At the end of 2022, total assets of the insurance sector of Azerbaijan amounted to AZN 1.594 billion (~EUR 0.88 billion), ABC.AZ wrote with reference to the report on the activities of the Cabinet of Ministers for 2022. According to the report, this is 20.3% more than at the end of 2021.

In 2022 Azerbaijani insurers issued 22,187 insurance contracts within the Green Card system and collected AZN 3.01 million of premiums on them (~EUR 1.66 million), Trend reports based on data from the Compulsory Insurance Bureau of Azerbaijan.

The amount of paid claims of each of the four insurance companies of Azerbaijan in January 2023 exceeded AZN 2 million (~EUR 1.08 million), ABC reports.

In January 2023, 20 Azerbaijani insurance companies collected GWP in the amount of AZN 133.94 million (~EUR 72.4 million), which is 13.7% more than in January 2022, ABC reports.

PASHA Life, the country's leading life insurance company, took the leading position among insurance market participants in terms of GWP in 2022. The company set a new record in the insurance market, having collected AZN 407 million (EUR 224.68 million) for all products and made insurance payments to its customers in the amount of AZN 221 million (+17%), Trend wrote.

The insurance sector of Azerbaijan ended 2022 with an increase of 15%, reaching AZN 970.82 million (EUR 535.95 million). At the same time, paid claims decreased by 5.56% to AZN 433.20 million (EUR 239.15 million), according to the statistics published by the National Bank.

Azerbaijan has been accepted as the 49th member state of the Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, Trend reports with reference to the ICIEC.

At the end of 2022, insurance payments to the state budget for compulsory health insurance increased by 38.1%, Trend reports.

Concentration of the insurance sector in Azerbaijan is quite high. Of the AZN 875.13 million (~EUR 494.42 million) of GWP collected in January-November 2022, AZN 691.13 million or 79% fell on 5 insurance companies.

The amount of payments that the Compulsory Insurance Bureau of Azerbaijan made from January through November 2022 under the Green Card system reached about AZN 531,000 (~USD 312,350) for road traffic accidents that occurred abroad, Trend reports according to the Bureau.

In January-October 2022, life insurance premiums in Azerbaijan collected by five insurance companies reached AZN 327.1 million (~EUR 193.55 million), which is 46.6% more y-o-y, ABC.AZ wrote with reference to the data of the insurance association.

In January-October 2022, 20 Azerbaijani insurers collected premiums in the amount of AZN 797.625 million (EUR 471.96 million), which is 13% more than a year earlier for the same period, ABC.AZ reports citing the Central Bank of Azerbaijan.

Azerbaijan's insurance sector ended 3Q with an increase of 12.24%, reaching AZN 731.22 million (EUR 438.62 million). At the same time, paid claims decreased by 14.69% to AZN 318.61 million (EUR 191.12 million), according to the statistics published by the National Bank.

From January to October 2022, compulsory state social insurance in Azerbaijan amounted to about AZN 3.7 billion (~EUR 2.19 billion), ABC.AZ reports citing the State Tax Service under the Ministry of Economy. This result is 18.4% more than in the same period in 2021.

PASHA Life Insurance, maintained its leading positions in the insurance market in general and growth trends in the third quarter of this year. The company's capital amounted to AZN 62 million, total assets - to AZN 519 million (~EUR 310.77 million), which is 30% more y-o-y, Trend reports.