Azerbaijan sees largest decrease in paid claims in euros among CIS countries

The CIS regional insurance market ended the first quarter of 2022 with a decrease of 6.30% in euros from a year ago, amounting to 5.99 billion euros, according to XPRIMM statistics, Report informs.

Among the markets for which data is available for comparison, the most significant increase in premiums was recorded in the market of Kyrgyzstan (+54.27%), which is followed by Armenia, and Georgia. The insurance sector of Kazakhstan grew the least, while markets such as Belarus, Russia, and Ukraine recorded a drop in premiums. Since the Russian insurance market is the leader in the region, accounting for over 80% of the regional portfolio, its decline in euros led to a negative result for the regional market in general.

It is worth noting that paid claims remained almost unchanged at 2.48 billion euros. Paid claims increased the most in the Kyrgyz market (by more than 111%), while Azerbaijan saw the largest decrease in paid claims in euros.