The insurance sector of Azerbaijan ended the first quarter of 2023 with an increase of 34%, reaching AZN 346.91 million (EUR 187.17 million). However, growth of paid claims was even more rapid - they jumped by 67% in local currency to AZN 102.29 million (EUR 55.19 million), according to statistics published by the National Bank.

It is worth noting that both life and non-life insurance recorded fairly strong growth. If we talk about the split into mandatory and voluntary insurance, both segments saw a decent increase. Among non-life classes, only general liability insurance decreased in the first quarter (by almost 16%).

Paid claims in the first three months of the year skyrocketed in life insurance, up more than 215%. At the same time, paid claims in non-life insurance increased slightly, by only 7%, to AZN 46.59 million.

Of the 20 active insurers at the end of 1Q2023, PASHA LIFE remains the leader (AZN 125.46 million/EUR 67.69 million), the second place still belongs to PASHA Insurance (AZN 105.38 million). It is noteworthy that composition of the top four has not changed compared to the first quarter of last year.

Access xprimm.com and download the latest Azerbaijani insurance market statistics for 1Q2023 in AZN and EUR.