At the end of 2023, the insurance market of Azerbaijan grew by almost 26% to AZN 1.222 million (EUR 651.46 million). However, paid claims increased by 35% y-o-y, reaching AZN 587.32 million (EUR 312.97 million), as the data published by the National Bank show.

It is noteworthy that the shares of life and non-life insurance in the market portfolio remained virtually unchanged. Life insurance still accounts for just over half of all GWP. The largest classes of insurance in terms of premiums are voluntary life insurance (AZN 545.205 million), medical insurance (AZN 121 million) and MTPL (~AZN 171 million).

On the claims side it’s worth noting rapid growth in insurance against fire and other perils (5,179%), as well as in cargo insurance, aircraft insurance, agricultural plants, GTPL and immovable property insurance.

At the end of 2023, there were 21 insurers operating in the market. PASHA LIFE remains the leader (AZN 517.47 million), second and third places are still occupied by PASHA Insurance (AZN 293.09 million) and Ateshgah life (AZN 71.58 million). Total market share of these three companies has grown to 72%.

Access xprimm.com and download the latest Azerbaijani insurance market statistics for FY2023 in EUR and AZN.