STATISTICS: AZERBAIJAN, 3Q2022: life insurance continued to grow, taking over half of the market portfolio

24 November 2022 — Marina MAGNAVAL
Azerbaijan's insurance sector ended 3Q with an increase of 12.24%, reaching AZN 731.22 million (EUR 438.62 million). At the same time, paid claims decreased by 14.69% to AZN 318.61 million (EUR 191.12 million), according to the statistics published by the National Bank.

Life insurance continued its growth trend (almost 29% up), taking over half of the market premium volume. At the same time, non-life insurance remained almost at the same level as a year ago (-0.84%), however, its share fell by more than 6%. Talking about voluntary and compulsory insurance, the first one demonstrates a steady growth (almost 25%), while the other one decreased and quite significantly.

It is worth noting that insurers' paid claims recorded a decrease y-o-y in most segments, except for accident and diseases, travel insurance and motor insurance, where they increased.

Of the 20 active insurers at the end of the third quarter of 2022, PASHA LIFE (AZN 310.51 million) holds the market leadership, while PASHA Insurance still occupies the second place (AZN 172.88 million). These two companies account for more than 66% of all market premiums.

Access and download the latest statistics of the Azerbaijani insurance market in AZN and EUR.

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