Life Report

Product Insurance Market Reports Life Rev Azerbaijan

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Azerbaijan's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Azerbaijan's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Azerbaijan

The Azerbaijan life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Azerbaijan.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Azerbaijan and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Azerbaijan’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Azerbaijan is available.

Axco’s report describes the regulatory framework that applies to the Azerbaijan domestic life insurance sector, including whether non-admitted insurance is permitted in Azerbaijan; as well as the legislation necessary to know regarding Azerbaijan’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Arzerbaijan with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Azerbaijan market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.


The report describes the public and private healthcare system in Azerbaijan, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.


Axco reports on the three pillars of Azerbaijan pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Azerbaijan report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Azerbaijan Life and Benefits Report Extract

Below are brief extracts of information from the Azerbaijan Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Summary and Trends

Azerbaijan's life market was ranked 95th globally in 2019 and could be considered a small to medium-sized emerging market. Insurers are marketing investment life, term and savings life covers aimed at the protection of family members and children's education, and critical illness. Total life premiums including PA and healthcare in 2019 amounted to AZN 219.37mn (USD 129.04mn) representing negative growth of 28.24% compared to...


Summary and Trends

Due to the rapid economic growth in Azerbaijan, income levels and disposable income amounts continue to increase: citizens are considering their long-term savings and pension choices more frequently. The amounts of state pension are considered inadequate by much of the general population although there are limited financial instruments they can invest in for their medium to long term future. This is one of the reasons why the tax-efficient life endowment product...


Summary and Trends

The COVID-19 pandemic has placed significant strain on public and private healthcare systems and increased mortality. There is expected to be an upsurge in claimants in respect of unemployment, temporary disability/sickness, deaths, healthcare and survivor benefits. The government's mandatory healthcare insurance programme was not expected to have a significant impact on PMI, currently written in the non-life market. Gross written premiums in 2019 equalled AZN 95.83mn).

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