Azerbaijan's insurance market ended 1H2023 with an increase of 32%, reaching AZN 648.95 million (EUR 350.38 million). At the same time, the growth of paid claims was less significant (+28.65%), their total volume reached AZN 225.03 million (EUR 121.50 million), according to the data published by the National Bank.

Life insurance in the first half of the year slightly expanded its share in the market portfolio, up to 51.36%. However, at the same time, life insurance paid claims jumped by almost 52%, while non-life paid claims rose quite modestly, by only 7%.

Loss ratio in life insurance in Azerbaijan decreased by more than 4%. According to the National Bank, the life loss ratio in January-June amounted to 51.8% (vs 56.1% in January-June 2022).

Of the 20 active insurers at the end of 1H2023, PASHA LIFE remains the leader (AZN 281.83 million), PASHA Insurance still ranks second (AZN 163.42 million). There were some changes in the top five compared to the first half of 2022 - Ateshgah life moved from third to fourth place, Qala Insurance moved up to third, and Ateshgah ranked fifth. Khalg Insurance, which ranked fifth a year earlier, moved down to ninth place in the overall ranking.

Access xprimm.com and download the latest Azerbaijani insurance market statistics for 1H2023 in EUR and AZN.