The insurance market of Azerbaijan grew by 6.95% in the first quarter of 2025, reaching AZN 399.08 million (EUR 214.77 million). The market growth is supported by life insurance, which rose by almost 15%, while non-life insurance saw a slight decline, according to data published by the National Bank.

It is worth noting that the share of life insurance in the market portfolio exceeded 50%, while a year earlier, non-life insurance generated over half of all premiums. Among all insurance classes, only voluntary life insurance and medical insurance have double-digit market shares.

Insurers’ paid claims in the first three months of 2025 increased by 6.98%, amounting to AZN 164.03 million (EUR 88.27 million). In life insurance, paid claims increased significantly, while most non-life insurance classes recorded a y-o-y decrease. However, double-digit growth in paid claims was still observed in Motor Hull (+44.46%) and immovable property insurance (+48.57%).

At the end of the first quarter of 2025, 16 insurers operated on the market. PASHA LIFE (AZN 161.83 million) firmly holds the lead, followed by PASHA Insurance (AZN 114.88 million). Ateshgah life took the third position, displacing Qala Insurance to fourth place.

Access xprimm.com and download the latest Azerbaijani insurance market statistics for 1Q2025 in EUR and AZN.