STATISTICS: AZERBAIJAN, 3Q2021: life insurance grew by more than 21% y-o-y (in AZN)

2 November 2021 — Marina MAGNAVAL
The insurance market in Azerbaijan at the end of 3Q2021 grew by almost 13%, up to AZN 655.62 million (EUR 332.40 million). At the same time, paid claims of insurers in local currency increased by 21.36% reaching AZN 373.49 million, according to the data published by the Central Bank of Azerbaijan.

The life insurance sector recorded a more impressive increase - by more than 21% compared to non-life insurance (+6.76%). Medical insurance and MTPL, the largest non-life segments, have grown by 6.49% and 5.71%, respectively.

Paid claims saw a significant decrease in some segments, such as travel insurance, property fire insurance and insurance of immovable property. In the MTPL segment, paid claims increased by almost 26% to AZN 53.14 million, and in medical insurance - by more than 30% to AZN 61.67 million.

Out of 20 active insurance companies by the end of 3Q2021, PASHA life Insurance remains the leader (AZN 235.33 million), and PASHA Insurance holds its second place. Of the top five, Mega Insurance moved down to seventh place from fifth, while Qala Insurance moved up to fourth from sixth a year earlier.

Access and download the latest Azerbaijani insurance market statistics.

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