The insurance sector ended the first half of 2021 with an impressive 11.31% y-o-y growth (in local currency), with GWP reaching AZN 452.37 million (EUR 223.55 million), according to data released by the Central Bank of Azerbaijan.

Segment-wise, life insurance saw quite rapid growth - by almost 20% y-o-y, while growth of non-life insurance was rather moderate (+5.68%).

Among non-life classes, some recorded an annual decline, such as accident and diseases, medical insurance, cargo, Motor Hull, etc. It should be noted that decrease in Motor Hull volumes led to stagnation (-0.69%) in overall motor insurance, despite the growth in MTPL.

Insurers' paid claims jumped by almost 32% y-o-y to AZN 248.20 million, with the largest part paid in life insurance (AZN 141.52 million). Among the non-life classes, insurers paid the most for MTPL and medical insurance.

Out of 20 active insurance companies at the end of 1H2021, PASHA life Insurance continues to lead (AZN 159.57 million), PASHA Insurance ranks second. Among the five leaders, Ateshgah life moved down to fifth place from fourth a year earlier, and Qala Insurance moved up from fifth to fourth.

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