BAKU, Azerbaijan, October 28. The volume of voluntary insurance premiums and payouts in Azerbaijan rose by 12.6% and 30.8%, respectively, from January through September 2026.
A total of 992.87 million manat ($584 million) in the mentioned premiums was collected in the reporting period.
According to Trend’s calculations based on data from the Central Bank of Azerbaijan (CBA), this is 111 million manat ($65.29 million) more than in the same period of last year.
Voluntary insurance payouts increased by approximately 178.5 million manat ($105 million) year-on-year to 756.9 million manat ($445.2 million) during the reporting period.
Thus, for every 100 manat ($58.8) in premiums collected in Azerbaijan’s voluntary insurance market from January through September 2026, 76.2 manat ($44.8) was paid back to customers.
The country’s overall insurance market also recorded growth during the reporting period.
From January through September 2026, insurance companies operating in Azerbaijan collected a total of about 1.25 billion manat ($734.4 million) in premiums. This is 91.2 million manat ($53.6 million), or 7.9%, more than in the same period of 2025.
Total insurance payouts reached 882.7 million manat ($519.3 million), compared with approximately 683.9 million manat ($402.3 million) in the same period last year. Thus, payouts increased by 198.8 million manat ($116.9 million), or 29.1%, year-on-year.
Across the overall insurance market, approximately 70.7 manat ($41.6) out of every 100 manat ($58.8) in premiums collected was allocated to payouts.
According to the CBA’s data, PASHA Life Insurance ranked first in premium volume from January through September 2026, collecting 568.35 million manat ($334.3 million), up 7.1% year-on-year.
PASHA Insurance ranked second, with 308.9 million manat ($181.7 million) in premiums, an increase of 13.2%.
The top five also included Ateshgah Life Insurance, with approximately 83.6 million manat ($49.2 million), Ateshgah Insurance, with about 69.2 million manat ($40.7 million), and Gala Insurance, with 52.58 million manat ($30.9 million). Their year-on-year changes were 3%, 42.1%, and -17.7%, respectively.
Mega Life Insurance recorded the highest growth in premiums, collecting 22.76 million manat ($13.4 million), up 84.4%. Silk Way Insurance’s premiums increased by 47.2% to 6.6 million manat ($3.9 million).
Meanwhile, premiums collected by Azerbaijan Industry Insurance declined by 20.1% to 19.78 million manat ($11.6 million), while Gala Insurance’s premiums fell by 17.7% to 52.58 million manat ($30.9 million).
PASHA Life Insurance also ranked first in payout volume, making payments totaling 548.5 million manat ($322.7 million) in the first 9 months of this year, up 28.4% year-on-year.
PASHA Insurance ranked second, with payouts of 130.9 million manat ($77 million), an increase of 27.1%.
Ateshgah Life Insurance ranked third, with payouts of 87.8 million manat ($51.6 million), up 84.7%. Ateshgah Insurance ranked fourth, with 31.99 million manat ($18.8 million), followed by Gala Insurance with almost 18 million manat ($10.6 million).
A significant change has also been recorded at Mega Life Insurance in terms of the annual growth rate of payments. Mega Life Insurance’s payouts increased by 83.3% to nearly 7.06 million manat ($4.15 million), while Gala Life Insurance’s payouts rose by 76.4% to 3.8 million manat ($2.2 million).
In contrast, Agricultural Insurance’s payouts declined by 61.9% to 1.89 million manat ($1.1 million), while Xalq Life Insurance’s payouts decreased by 12.6% to 3.56 million manat ($2.09 million).
