STATISTICS: AZERBAIJAN, 1H2022: the market growth is supported by life insurance, which jumped by 27% y-o-y

11 August 2022 — Marina MAGNAVAL
In the first half of 2022, the insurance sector of Azerbaijan grew by 8.67% to AZN 491.60 million (EUR 276.63 million). At the same time, paid claims fell by more than 29%, reaching AZN 174.92 million (EUR 98.43 million), according to statistics published by the National Bank.

Life insurance went up by almost 27% y-o-y, while non-life insurance, on the contrary, decreased by 5%. Many non-life classes recorded a decline in volumes, however, travel insurance rebounded significantly (+124%) after most pandemic-related restrictions were lifted.

Insurers' paid claims declined significantly in both life and non-life insurance. The decline occurred in many classes, however, in travel insurance, paid claims, on the contrary, jumped by more than 100%

Of the 20 active insurers at the end of the first half of 2022, PASHA LIFE (AZN 206.65 million) continues to be the leader in the market, while PASHA Insurance keeps ranking second (AZN 120.61 million).

Access xprimm.com and download the latest statistics of the Azebaijani market for 1H in EUR and AZN.



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