At the end of 1Q2024, the insurance market of Azerbaijan grew by 7.56%, reaching AZN 373.14 million (EUR 203.68 million). However, paid claims rose by almost 50%, amounting to AZN 153.33 million (EUR 83.69 million), as statistics published by the National Bank show.

Non-life insurance stagnated (+0.40%), while its share in the market portfolio decreased by almost 4%. At the same time, life insurance grew by about 17% and accounts for 47% of all premiums.

The largest classes in terms of premiums are voluntary - voluntary life insurance (AZN 155.32 million) and medical insurance (AZN 68.63 million). The best annual dynamics is also demonstrated by voluntary classes – insurance against accidents and diseases (+41%) and Motor Hull (almost 40%).

Paid claims class-wise increased almost everywhere except GTPL, where they decreased by 70%.

At the end of 1Q2024, there were 17 insurers operating in the market. PASHA LIFE remains the leader (AZN 143.59 million), second and third places are still occupied by PASHA Insurance (AZN 115.95 million) and Qala Insurance (AZN 27.78 million).

Access xprimm.com and download the latest Azerbaijani insurance market statistics for 1Q2024 in EUR and AZN.