STATISTICS: AZERBAIJAN, FY2021: GWP went 16% up, while paid claims decreased 1.4% y-o-y (in local currency)

1 February 2022 —
In 2021, Azerbaijani insurers collected AZN 843.90 millions of premiums, which is 15.82% more y-o-y (EUR 438.05 million). Total paid claims amounted to AZN 458.73 million (EUR 238.11 million), down 1.38% from a year earlier, according to the data published by the Central Bank.

The life insurance sector brought AZN 383.11 millions of GWP, which is 26.13% more y-o-y. At the same time, its share in the market portfolio exceeded 45%. Non-life insurance generated AZN 460.79 million having much more moderate growth rates (+8.45%).

Voluntary types of insurance increased by 16.67%, and compulsory - by about 14% (in AZN).

Of the 20 active insurers, PASHA LIFE maintains its leadership in the market with a share of over 37% and GWP in the amount of AZN 313.01 million, PASHA Insurance holds the second place (AZN 179.23 million). It should be noted that composition of the top five remained unchanged, while their total share in the market portfolio exceeded 75%.

Access and download the latest Azerbaijani insurance market statistics for FY2021 (in AZN and EUR).