Following the results of the first quarter of 2021, the insurance sector of Azerbaijan showed a fairly moderate growth (+3.42%) to AZN 248.99 million (EUR 125.13 million), according to the data published by the country's Central Bank.

It should be noted that in terms of types - mandatory insurance saw an impressive growth - by more than 16%, while voluntary insurance, on the contrary, decreased by 3%. From the point of classes, the largest increase was recorded by cargo insurance, and the largest GWP drop - by insurance against accidents and diseases.

Market paid claims grew rapidly - by 88.54% and reached AZN 145.34 million (EUR 73.04 million). The driver of this growth was life insurance, paid claims of which reached AZN 84.26 million and exceeded the volume of paid claims in non-life insurance (compared to 1Q2020).

Of the 20 active insurance companies at the end of the first quarter of 2021, the leadership remains with PASHA Insurance (AZN 79.29 million), and PASHA life insurance ranks second. Of the five market leaders, Qala Insurance recorded the highest growth rates - over 51%.

Access xprimm.com and download the latest statistics of the Azerbaijani insurance market for 1Q2021.