The insurance market of Azerbaijan for January-September amounted to AZN 1.02 billion (EUR 539.47 million), which is 9.38% more y-o-y in manats, according to data published by the Central Bank. At the same time, the largest share of premiums was collected in voluntary insurance.

According to the 3Q2024 results, the voluntary insurance segment amounted to AZN 765.43 million. At the same time, compulsory insurance reached AZN 258.28 million.

The highest growth rates were demonstrated by Motor Hull (+18%), followed by voluntary life insurance (+17.67%), while it is worth noting that this class contributed over 48% to the market premium portfolio.

Insurers' paid claims increased by 38.30% to AZN 553.75 million (EUR 291.81 million) over the three quarters. The lion's share was paid in voluntary life insurance (AZN 359.91 million).

At the end of September there were 17 insurers operating in the market. PASHA LIFE remains the leader (AZN 462.24 million), while PASHA Insurance (AZN 247.23 million) still ranks second. Ateshgah life and Qala Insurance keep third and fourth places, respectively.

Access xprimm.com and download the latest Azerbaijani insurance market statistics for 3Q2024 in EUR and AZN.