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:




 


Statistics

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Azerbaijan FY2023 Market Portfolio

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Azerbaijan FY2023 Insurance Companies Ranking


See all statistics

Latest news




AZERBAIJAN: Green Card market shows significant growth in 2023

A total of 57,347 Green Card contracts were issued in Azerbaijan last year, under which AZN 10 million (USD 5.88 million) were collected, Trend reports citing the Compulsory Insurance Bureau of Azerbaijan. According to the Bureau, the number of contracts grew by 2.6 times y-o-y, while GWP rose by 3.4 times.





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.