Azerbaijan Insurance Industry – Key Trends and Opportunities to 2026
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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
To gain more information on the Azerbaijan insurance market forecast, download a free report sample
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
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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
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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.
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
Frequently asked questions
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What was the Azerbaijan insurance market size in 2021?
The insurance market in Azerbaijan was valued at $496.4 million in 2021.
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What is the Azerbaijan insurance market growth rate?
The insurance market in Azerbaijan is expected to grow at a CAGR of more than 7% during the forecast period.
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What are the key segments in the Azerbaijan insurance market?
The key segments in the Azerbaijan insurance market are life insurance and general insurance.
-
Which are the leading companies in the Azerbaijan insurance industry?
Some of the leading companies in the insurance industry 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.
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