The insurance market of Azerbaijan ended the first half of 2024 with a growth of 11.74% y-o-y, amounting to AZN 725.16 million (EUR 399.10 million). At the same time, paid claims jumped by 58.48% to AZN 356.63 million (EUR 196.28 million), according to the data published by the National Bank.

Non-life insurance practically did not grow (+1.41%), and its share in the portfolio continues to decline (44%). At the same time, life insurance supported market growth, having increased by 21.54% and amounted to almost 56% of the entire market premium portfolio.

The largest insurance classes in terms of GWP are voluntary - voluntary life insurance occupies almost half of the market (AZN 357.73 million).

Paid claims on the market class-wise increased the most in voluntary insurance (by almost 69%), while in mandatory insurance insurers paid a total of about 23% more y-o-y.

At the end of 1H2024, there were 17 insurers operating in the market. PASHA LIFE remains the leader (AZN 339.81 million), while PASHA Insurance (AZN 171.12 million) and Qala Insurance (AZN 47.01 million) still rank second and third.

Access xprimm.com and download the latest Azerbaijani insurance market statistics for 1H2024 in EUR and AZN.