Total insurance premiums in Azerbaijan in 1H2026 increased to AZN867m ($510m), 6.2% increase y-o-y, as compared to the last reporting period.
Citing the Financial Stability Report published by the Central Bank of Azerbaijan (CBA), news platform Trend News Agency also highlighted that during the reporting period, life insurance accounted for 60% of total premiums, with non-life insurance making up the other 40%.
As compared to the year before, life insurance premiums rose by AZN42m (+8.8%) to AZN516m while non-life insurance premiums grew 2.6% (AZN9m), to AZN351m.
The report also noted that voluntary insurance products were the main drivers of growth in both segments.
For instance, compulsory insurance premiums dropped 23% to AZN150m, as compared to the reporting period of the previous year. At the same time, voluntary life insurance premiums logged a 14% growth to AZN483m, while voluntary non-life insurance premiums grew AZN35m to AZN235m (+17%).
Claims also logged significant growth during the reporting period, with payouts rising to AZN550m, a 27.3% increase from the previous year. Of the total amount, AZN402m (+32.5%) were for life insurance, with the remaining attributed to non-life (+14.5%).
Azerbaijan’s insurance segment also recorded a total capital of AZN312m in 1H2026, as compared to the regulated required capital of AZN205m. During the reporting period, 15 insurance companies and one reinsurer were operating in the country. The country’s insurance sector also has 23 insurance brokers and 459 insurance agents.