Azerbaijan
| Population | 10,2 mln |
| GDP | 72.4bn USD |
| GDP Growth | 1.1% |
| GDP Growth (Industry) | 3.7% |
| Inflation | 8.8% |
Azerbaijan’s main industries are:
- Oil and natural gas
- Petroleum products
- Oilfield equipment
- Steel
- Pig iron
- Cement
- Chemicals
- Petrochemicals
- Textiles
- Machinery
- Cotton
- Food products
Exports account for over 46.8% of GDP.
Major export commodities: oil and gas, machinery, food, cotton.
Azerbaijan is forecast to show dynamic Insurance Market growth for the foreseeable future.
A quick snapshot of the Azerbaijani insurance market:
The insurance market in Azerbaijan is considered a small to medium-sized emerging market. Despite this, it has shown significant growth in recent years.
Growth Rate: The market grew by 26% in 2023 to AZN 1.222 million (EUR 651.46 million).
Premiums vs Claims: Paid claims are also rising, but at a faster pace than premiums collected. In 2023, paid claims increased by 36% to AZN 587.32 million (EUR 312.97 million).
Azerbaijan’s Insurance Market expected to grow in the foreseeable future:
About CINCo Group Azerbaijan Insurance & Reinsurance Brokers:
CINCo Group Azerbaijan Insurance & Reinsurance Brokers have been providing innovave soluons to clients throughout the Caspian Sea Basin incl. Caucasus & Central Asia. We have been an expert in the Azerbaijan market for over 20 years. CINCo Group Azerbaijan Insurance & Reinsurance Brokers has a long history and strong reputation as a trusted expert partner for the current range of coverages including property, energy, liability, employee benefits, cargo and hull insurance.
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