STATISTICS: AZERBAIJAN, 1Q2022: market growth supported by life insurance, which generated almost 41% of the portfolio

31 May 2022 — Marina MAGNAVAL
Azerbaijan's insurance sector ended the first quarter of 2022 with a 3.79% growth, reaching AZN 258.42 million (EUR 136.19 million). At the same time, a more favorable exchange rate of the manat vs euro allowed the market to grow by 8.84% in European currency, according to the statistics published by the National Bank.

It is noteworthy that the market growth has been supported by life insurance, growth rates of which were quite impressive - almost 53%, and the share in the market portfolio reached almost 41%. On the other hand, non-life insurance decreased by about 15% to AZN 153.23 million.

According to the results of the first three months of the year, total paid claims dropped significantly compared to the same period last year - by almost 58%, to AZN 61.23 million (EUR 32.27 million). Significant reductions were observed in both life and non-life insurance.

Of the 20 active insurers, PASHA LIFE is the leader in the market with a share of over 33% and GWP in the amount of AZN 86.30 million, followed by PASHA Insurance with a small margin (AZN 85.36 million). It's worth noting that these companies have exchanged their places in the ranking compared to the first quarter of 2021.

Access and download the latest Azerbaijani insurance market statistics.

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