STATISTICS: AZERBAIJAN, 3Q2023: GWP growth outpaced paid claims by 2.5%

1 November 2023 — Marina MAGNAVAL
STATISTICS:  AZERBAIJAN, 3Q2023: GWP growth outpaced paid claims by 2.5%

According to the 3Q2023 results, the insurance market of Azerbaijan grew by 28.17% to AZN 937.24 million (EUR 521.12 million). It is worth noting that GWP growth outpaced the growth in paid claims, which increased by 25.67%, amounting to AZN 400.39 million (EUR 222.62 million), as statistics published by the National Bank show.

The share of life insurance in the portfolio increased to 51%, while the share of non-life insurance decreased to 48%. The largest insurance classes on the market are voluntary life insurance (AZN 420.85 million) and MTPL (AZN 121.52 million), with collected premiums in three-digit numbers.

On the other hand, three-digit growth in paid claims can be seen in classes such as fire and other perils insurance, insurance for immovable property, cargo and GTPL.

Of the 20 active insurers at the end of 3Q2023, PASHA LIFE (402.76 million) remains the leader, followed by PASHA Insurance (AZN 226.58 million) and Ateshgah life (AZN 48.93 million).

Access xprimm.com and download the latest Azerbaijani insurance market statistics for 3Q2023 in EUR and AZN.


 

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