STATISTICS: AZERBAIJAN, 3Q2020: market growth is supported by life insurance, which increased by more than 17% y-o-y

5 January 2021 —
At the end of 3Q2020, the insurance market in Azerbaijan in local currency increased by 11.30% y-o-y, to AZN 581.51 million (EUR 291.53 million*), according to the data published by the Central Bank.

The positive dynamics of the market are mainly supported by the life insurance sector, which grew by more than 17% y-o-y and occupies over 41% of the market portfolio. It should be noted that the growth rates of voluntary and compulsory life insurance types are practically at the same level with a small gap of less than 1%.

On the other hand, non-life insurance is also showing positive dynamics, but its share in the market portfolio decreased by about 3%. Among the largest classes of non-life insurance, it's worth noting medical insurance, which increased by 7.43%, and MTPL, GWP of which decreased y-o-y to AZN 70.78 million.

Insurers' paid claims reached AZN 307.76 million, and life insurance recorded a growth of paid claims at the level of almost 125%. The non-life class - fire and other perils insurance showed incredibly high growth rates of paid claims (+668.62%).

PASHA life insurance remains the market leader in terms of GWP (AZN 194.02 million), PASHA Insurance keeps the second place. Of the TOP-10 companies in terms of GWP collected, only Ateshgah recorded a negative trend of almost 33%.

* at the following exchange rate:

1 EUR = 1.9947 AZN (September 30th, 2020)

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