Azerbaijan Insurance Industry – Key Trends and Opportunities to 2026

Pages: 51 Published: May 23, 2022 Report Code: GDIS2484MR

The Azerbaijan insurance market size was $496.4 million in 2021. The market is expected to grow at a CAGR of more than 7% during the forecast period.

The Azerbaijan insurance market research report provides a detailed outlook by product category for the Azerbaijani insurance industry. It provides values for key performance indicators such as gross written premium, penetration, profitability ratios, and premium by line of business, during the review period and forecast period. The report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Azerbaijani economy and demographics. Moreover, it provides detailed information on the competitive landscape in the country and includes details of insurance regulations and recent changes in the regulatory structure.

Azerbaijan Insurance Market Overview

Azerbaijan Insurance Market Overview

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What are the key Azerbaijan insurance market trends?

On April 7, 2022, the Azerbaijani Ministry of Labour and Social Protection of Population published the social security agreement signed with the Government of Serbia for expanding cooperation and exchange of information between countries. This agreement aims to define the mechanisms for recognizing and protecting the rights of Azerbaijani and Serbian citizens to pensions and other social insurance earned in countries. It will come into force once the ratification instruments are exchanged.

The PROACT-Care initiative was officially inaugurated in Shamakhi, in the context of COVID-19 and beyond, the project intends to build a primary healthcare capacity in the Shamakhi district in order to respond to the disruption of basic healthcare services. WHO Azerbaijan is leading the project, which is supported by the US Agency for International Development (USAID), UkAid, RoAid, and the Universal Health Coverage Partnership initiative. The initiative is being implemented in collaboration with the Executive Power of Shamakhi District, the Ministry of Health of Azerbaijan, the State Agency for Mandatory Health Insurance, TABIB, the Heydar Aliyev Foundation, UNICEF, and UNFPA.

What are the key segments in the Azerbaijan insurance market?

The key segments in the Azerbaijan insurance market are life insurance and general insurance.

Life insurance market in Azerbaijan

Due to an increase in COVID-19-associated health issues and the spread of infection in the country, the gross claims of the life insurance segment increased exponentially in 2020.

General insurance market in Azerbaijan

The Azerbaijan insurance industry was dominated by the general insurance segment in 2021. Motor insurance was the largest sub-segment in the general insurance segment in 2021 followed by property insurance.

Azerbaijan Insurance Market Analysis by Segments

Azerbaijan Insurance Market Analysis by Segments

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Which are the leading companies in the Azerbaijan insurance market?

Some of the leading insurance companies in Azerbaijan are Pasha Life Insurance OJSC, Pasha Insurance OJSC, Qala Sigorta OJSC, Mega Insurance OJSC, Qala Life Insurance Company OJSC, A-Group Insurance Company OJSC, Ateshgah Insurance Company OJSC, and Xalq Sigorta OJSC. Pasha Life Insurance OJSC was the largest insurer in 2021.

Azerbaijan Insurance Market Analysis by Companies

Azerbaijan Insurance Market Analysis by Companies

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Market Report Scope

Market size (2021) $496.4 million
CAGR >7%
Forecast period 2021-2026
Key segments Life Insurance and General Insurance
Leading companies Pasha Life Insurance OJSC, Pasha Insurance OJSC, Qala Sigorta OJSC, Mega Insurance OJSC, Qala Life Insurance Company OJSC, A-Group Insurance Company OJSC, Ateshgah Insurance Company OJSC, and Xalq Sigorta OJSC

Scope

This report provides a comprehensive analysis of the Azerbaijan insurance industry –

  • It provides historical values for the Azerbaijani insurance industry for the report’s review period, and projected figures for the forecast period.
  • It offers a detailed analysis of the key categories in the Azerbaijani insurance industry, and market forecasts till 2025.
  • It profiles the top life insurance companies in Azerbaijan and outlines the key regulations affecting them.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Azerbaijani insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Azerbaijani insurance industry.
  • Assess the competitive dynamics in the Azerbaijani insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

Key Players

Pasha Life Insurance OJSC

Pasha Insurance OJSC

Azersıgorta State Insurance Commercial Company

Ateshgah Life Insurance Company JSC

Qala Sigorta OJSC

Xalq Sigorta OJSC

Ateshgah Insurance company OJSC

Mega Insurance OJSC

Qala Life Insurance Company JSC

A-Group Insurance Company OJSC

Table of Contents

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Life Insurance Overview

Penetration and Growth

Premium Trends

Gross Claims

General Insurance Overview

Penetration and Growth

Premiums and Profitability

Gross Claims

Consumer Segment

Lines of Business Breakdown

Competitive Landscape

Competitors Profiles

Appendix

Frequently Asked Questions

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