CBA: Azerbaijan's insurance market grew 10% annually over past 5 years

Over the past five years, Azerbaijan's insurance market has demonstrated an average annual growth rate of around 10%, Panah Bannayev, Director of the Insurance Regulation Department at the Central Bank of Azerbaijan (CBA), said during the Turkic States InsurTech Summit 2025 in Baku, Report informs.

Bannayev noted that growth trends varied between life and non-life insurance companies:

"Of course, there are differences in the development dynamics of life and non-life insurers. In recent years, life insurance companies have recorded a higher rate of asset growth," Bannayev said.

He added that the bulk of current market premiums are concentrated in life insurance (investment-oriented products), compulsory motor vehicle insurance, and mandatory health insurance.