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).