The insurance market of Azerbaijan grew by 10.69% in 2024, reaching AZN 1.35 billion (EUR 763.48 million). The growth driver is life insurance, which increased by 16.65% and generated over 54% of all premiums, according to statistics published by the National Bank.

At the same time, non-life insurance grew by only 4.36%, and its share in the market portfolio decreased by almost 3%. Among non-life classes, only motor insurance has a double-digit share on the market, although its growth at the end of the year was very modest (+3.52%).

Insurers’ paid claims in 2024 increased by 28.16%, reaching AZN 752.71 million (EUR 424.69 million). It is worth noting that the growth driver of paid claims is also life insurance, where insurers paid almost 62% more y-o-y. While non-life paid claims even decreased by 6.63%.

At the end of 2024, there were 17 insurers operating in the market. PASHA LIFE remains the leader (AZN 594.40 million), second and third places are held by PASHA Insurance (AZN 317.56 million) and Ateshgah life (AZN 90.94 million).

Access xprimm.com and download the latest Azerbaijani insurance market statistics for FY2024 in EUR and AZN.