Azerbaijan Insurance Tenders

The Azerbaijani insurance market is a relatively small but rapidly growing market with a market size of AZN 1.5 billion (USD 880 million) in 2022. The market is expected to grow at a CAGR of 10% over the next five years, driven by factors such as increasing disposable incomes, rising awareness of insurance, and government initiatives to promote insurance.

The Azerbaijani government is a major purchaser of insurance products and services. In 2022, the government procured AZN 200 million (USD 117 million) worth of insurance products and services. The main insurance products and services procured by the government are property and casualty insurance, life insurance, and health insurance.

Property and casualty insurance: This type of insurance covers losses or damage to property, such as buildings, vehicles, and equipment. It also covers losses due to events such as fire, theft, and natural disasters.
Life insurance: This type of insurance provides financial protection for the insured's family in the event of the insured's death.
Health insurance: This type of insurance covers the costs of medical treatment.

The Ministry of Finance is responsible for developing and implementing government policies on insurance procurement.
The State Insurance Supervisory Service is responsible for regulating the insurance industry in Azerbaijan.
The Central Bank of the Republic of Azerbaijan is responsible for overseeing the financial system in Azerbaijan, including the insurance industry.

PASHA Insurance Company
AtaSigorta Insurance Company
Standard Insurance Company
CMB Sigorta Insurance Company
Azerbaijan Insurance Company

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