Location map
author: OCHA/ ReliefWeb

- Southwestern Asia, bordering the Caspian Sea, with a small European portion north of the Caucasus range.
- Neighbours: Turkey, Armenia, Georgia, Russia, Iran.

- dry, semiarid steppe.

Natural hazards:
- droughts.

Macro indicators
* 2018 estimates
Pop. density*:114.8people/km2
GDP*:39.7EUR billion

Currency: Manat
Code: AZN
Since: 2006

Insurance market portfolio
* 2018 estimates
Overall Property*:12%
Overall Motor*:17%




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Azerbaijan 1Q2023 Insurance Companies Ranking

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Azerbaijan 1Q2023 Market Portfolio

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Latest news

STATISTICS: AZERBAIJAN, 1Q2023: Life insurance paid claims skyrocket up more than 215%

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.

AZERBAIJAN: insurance sector's assets up 20% in 2022

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.

AZERBAIJAN: PASHA Life sets a new GWP record in the insurance market in 2022

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.

STATISTICS: AZERBAIJAN, FY2022: life insurance supports market growth

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.