In the first quarter of 2026, the Azerbaijani insurance market amounted to AZN 417.75 million (EUR 214.25 million), which indicates a mere 4.68% increase y-o-y, according to data published by the Central Bank of Azerbaijan.

It's worth noting that in European currency, as a result of the devaluation of the Azerbaijani manat in relation to the euro, the market result was negative (-0.24%).

Voluntary life insurance already generates over half of all premiums (50.36%), and the segment's annual growth rate is double-digit. Meanwhile, compulsory life insurance declined by 29.30% in the first quarter.

Non-life insurance (voluntary and compulsory summed) recorded a 3.32% decline. Medical insurance is the main pilar of non-life insurance, with a double-digit share in the market portfolio. However, GWP in this class declined in the first three months.

Total paid claims in the reporting period rose by 33.18%, reaching AZN 218.46 million (EUR 112.04 million). Voluntary life insurance is the driver of paid claims, with y-o-y growth of nearly 40%.

Of the 16 insurers in the market, PASHA LIFE remains the leader (AZN 181.64 million/EUR 93.16 million), while PASHA Insurance holds second place (AZN 122.32 million). Ateshgah Life, as it did last year, rounds out the top three by a wide margin from the top two (AZN 29.62 million). It's worth noting that only the top two companies have double-digit market shares.

Access xprimm.com and download the latest Azerbaijani insurance market statistics for 1Q2026 in EUR and AZN.