Azerbaijan

Azerbaijan
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Azerbaijan
Location map
author: OCHA/ ReliefWeb


Location:
- Southwestern Asia, bordering the Caspian Sea, with a small European portion north of the Caucasus range.
- Neighbours: Turkey, Armenia, Georgia, Russia, Iran.

Climate:
- dry, semiarid steppe.

Natural hazards:
- droughts.

Macro indicators
* 2018 estimates
Surface:86,600km2
Population*:9.9million
Pop. density*:114.8people/km2
GDP*:39.7EUR billion
GDP/capita*:3,990.0EUR

Currency: Manat
Code: AZN
Since: 2006


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:47%
TOTAL NON-LIFE*:53%
Overall Property*:12%
Overall Motor*:17%

Sources:




 





AZERBAIJAN plans to increase insurance sector assets

In Azerbaijan, it is planned to increase the assets of the insurance sector from the current AZN 1.9 billion (~EUR 1.02 billion) to AZN 3.7 billion (~EUR 2 billion), Report writes with reference to the “Financial Sector Development Strategy for 2024-2026” approved by the Central Bank of Azerbaijan (CBA).







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.