The insurance sector of Azerbaijan ended 2022 with an increase of 15%, reaching AZN 970.82 million (EUR 535.95 million). At the same time, paid claims decreased by 5.56% to AZN 433.20 million (EUR 239.15 million), according to the statistics published by the National Bank.

Life insurance is supporting the market's growth, having increased by more than 30% at the end of the year and taking over half of the total premium portfolio. At the same time, non-life insurance registered rather moderate growth (only by 2.40%).

It should be noted that paid claims at the end of the year decreased in non-life insurance, while paid claims of life insurers increased slightly.

Of the 20 active insurers at the end of 2022, PASHA LIFE (AZN 413.30 million) holds the leadership in the market, while PASHA Insurance (AZN 215.13 million manats) still ranks second. These two companies account for more than 64% of all market volume.

Access xprimm.com and download the latest statistics of the Azerbaijan insurance market for FY2022 in EUR and AZN.