STATISTICS: AZERBAIJAN, FY2020: almost 61% of all claims paid in life insurance

4 February 2021 —
Despite all the challenges of 2020, the insurance sector of Azerbaijan ended the year with an increase of almost 7% (in local currency), GWP amounted to AZN 728.63 million (EUR 348.80 million) at the end of December, as follows from the data published by the Central Bank of the country.

The life insurance segment is demonstrating rapid growth - last year it grew by almost 14% y-o-y, and the share of life insurance in the market portfolio increased by more than 2%. At the same time, non-life insurance recorded a quite moderate growth in 2020 (only 2.71% y-o-y). In terms of mandatory and voluntary types of insurance, significant growth was observed only on the voluntary side, while mandatory insurance remained practically at the level of 2019.

The growth of market paid claims last year was significant - by 54.26% (in local currency), up to AZN 465.15 million (EUR 222.67 million). At the same time, paid claims in life insurance increased by more than 126% and reached AZN 283 million or 60.84% of all market paid claims.

PASHA life insurance keeps leading in terms of GWP collection (AZN 242.63 million); PASHA Insurance continues to rank second. The two leaders account for over 55% of all premiums in the Azerbaijani insurance sector out of 24 companies operating in the market at the end of 2020.

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