Azerbaijan
STATISTICS: AZERBAIJAN, 1Q2025: Growth rates of GWP and paid claims were almost the same
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.
5 May 2025AZERBAIJAN: The market rises 17.3% in January-February
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.
8 April 2025AZERBAIJAN: PAŞA Sığorta has the highest complaint index among insurance companies
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.
17 March 2025AZERBAIJAN: Voluntary insurance grows by almost 19% y-o-y in January
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.
10 March 2025AZERBAIJAN: An event titled "Agricultural Insurance in Azerbaijan: Development and Perspectives" was held in Baku
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.
3 March 2025AZERBAIJAN: in 2024 paid claims in livestock and crop insurance rose
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.
19 February 2025AZERBAIJAN: Green Card paid claims last year amounted to AZN 2.5 million
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.
19 February 2025AZERBAIJAN: GWP in health insurance and property insurance increased in 2024
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.
10 February 2025STATISTICS: AZERBAIJAN, FY2024: life insurance generates over 54% of all premiums
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.
5 February 2025AZERBAIJAN: Revenues from mandatory state social insurance contributions in 2024 increased by almost 11%
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.
20 January 2025AZERBAIJAN: Life insurance increased by 7% in January-November 2024
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.
8 January 2025AZERBAIJAN: PASHA Life Insurance business rises by 22% in 2024
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.
8 January 2025AZERBAIJAN: Voluntary motor vehicle insurance loss ratio for 10M2024 decreased to 36%
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.
9 December 2024AZERBAIJAN: The Azerbaijan Insurers Association and the Union of Insurance and Reinsurance Companies of Northern Cyprus signed a memorandum
The Azerbaijan Insurers Association (AIA) and the Union of Insurance and Reinsurance Companies of Northern Cyprus signed a memorandum on insurance, Trend reports.
3 December 2024AZERBAIJAN: Bakı Sığorta announced its liquidation
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.
25 November 2024AZERBAIJAN: Turkish insurance broker included in the register of foreign insurers, reinsurers and insurance brokers
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.
12 November 2024AZERBAIJAN: Adverse weather conditions lead to increased damage in the agricultural sector and paid claims
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.
5 November 2024AZERBAIJAN: The number of foreign brokers in Azerbaijan's insurance market reaches 92
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.
28 October 2024STATISTICS: AZERBAIJAN, 3Q2024: over 48% of the market is generated by voluntary life insurance
The insurance market of Azerbaijan for January-September amounted to AZN 1.02 billion (EUR 539.47 million), which is 9.38% more y-o-y in manats, according to data published by the Central Bank. At the same time, the largest share of premiums was collected in voluntary insurance.
28 October 2024AZERBAIJAN: Life insurance grows by 17% in the first eight months of the year
In the first eight months of 2024, life insurance premiums amounted to AZN 417.5 million (~EUR 222 million), while paid claims reached AZN 329 million (EUR 175 million), ABC.AZ reports with reference to the Central Bank.
16 October 2024
