The insurance sector of Azerbaijan recorded dynamic development in January-April 2025 as total GWP reached AZN 588.46 million (~EUR 304.90 million), ABC.AZ reports with reference to the Central Bank.

Amidst legalization of the number of hired workers and the wage fund, budget revenues from compulsory state social insurance in Azerbaijan from January through April of this year amounted to AZN 2.03 billion (~EUR 1.05 billion), ABC.AZ writes with reference to the State Tax Service. According to the State Tax Service, this is 14.6% more y-o-y.

The insurance market of Azerbaijan grew by 6.95% in the first quarter of 2025, reaching AZN 399.08 million (EUR 214.77 million). The market growth is supported by life insurance, which rose by almost 15%, while non-life insurance saw a slight decline, according to data published by the National Bank.

In January-February 2025, GWP of 16 insurance companies operating in Azerbaijan amounted to AZN 281.20 million (~EUR 158.87 million), which is 17.3% more y-o-y, ABC.AZ writes with reference to the Central Bank.

Azerbaijan has published a report on the complaint index for compulsory motor insurance for the period from March 2024 to February 2025. According to the Central Bank, the highest complaint index among insurance companies belongs to one of the market leaders - PAŞA Sığorta.

In January 2025, voluntary insurance in Azerbaijan amounted to AZN 140.6 million (~EUR 79.43 million), Trend writes with reference to the Central Bank of Azerbaijan. According to the Central Bank, this is AZN 22.3 million, or 18.9% more y-o-y.

According to the Chairman of the Board of the Agricultural Insurance Fund of Azerbaijan Fuad Sadigov, the insurance service is readily accessible to 96% of the crop areas in Azerbaijan.

Azerbaijan's GWP for agricultural livestock reached AZN 2.1 million (~EUR 1.18 million) in 2024. According to the Central Bank of Azerbaijan, this indicates a decrease of AZN 1.8 million or about 46.7% y-o-y, Trend reports.

In 2024, 468 Green Card insurance cases were recorded in Azerbaijan, and the total amount of payments reached AZN 2.5 million (~EUR 1.41 million), as stated by the Chief Information Manager of the Compulsory Insurance Bureau (CIB) Anar Samedov during his speech at the Azerbaijan Financial Forum, Trend writes.

In 2024, health insurance GWP collected by insurance companies operating in Azerbaijan reached AZN 123.1 million (EUR 69.45 million), Trend writes with reference to the Central Bank of Azerbaijan.

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.

In 2024, revenues from mandatory state social insurance contributions in Azerbaijan exceeded AZN 5.76 billion (~EUR 3.25 billion), which is 10.9% or AZN 566.5 million more than in 2023, Trend reports.

Life insurance in Azerbaijan amounted to AZN 79.3 million (~EUR 44.13 million) in January-November 2024. According to the Central Bank, this is AZN 5.2 million, or 7% more y-o-y, Trend writes.

PASHA Life Insurance, the leader of the insurance market in Azerbaijan, achieved significant success by all financial indicators in 2024. The company's GWP increased by 22%, total assets rose by 13%, while profit in 2024 increased by 20%, according to the Chairman of the Board of PASHA Life Insurance Niyaz Ismayilov, Trend writes.

Voluntary motor vehicle insurance in Azerbaijan for January-October of this year amounted to AZN 50.69 million (~EUR 27.55 million), which is 19% more y-o-y, ABC.AZ writes with reference to the Central Bank report.

The Azerbaijan Insurers Association (AIA) and the Union of Insurance and Reinsurance Companies of Northern Cyprus signed a memorandum on insurance, Trend reports.

Azerbaijan's Bakı Sığorta (Baku Insurance) has announced its liquidation, Trend reports with reference to the Vergilar newspaper of the State Tax Service under the Ministry of Economy.

The Central Bank of Azerbaijan (CBA) has included the Turkish BMS Group Sigorta ve Reasurans Brokerligi company in the register of foreign insurers, reinsurers, and insurance brokers, Trend reports referring to the CBA.

A total of 405,604 hectares of cultivated land have been insured in Azerbaijan in the first 9 months of this year, Trend reports with reference to the Agrarian Insurance Fund.

The Central Bank of Azerbaijan (CBA) has included five more foreign-owned companies in the register of foreign insurers, reinsurers, and insurance brokers, thus increasing the number of foreign brokers working in the local insurance market to 92, Trend reports.