AZERBAIJAN: annual growth rate of premiums in January-August exceeded 40%

For the period of January-August, Azeri insurers' GWP amounted to AZN 516.924 million (+40.1% y-o-y), as the financial market supervisory authority reported. Paid claims reached AZN 168.582 million (+0.9%).

In terms of insurance types, GWP of voluntary classes amounted to AZN 374.7 million (72% of total market GWP), and in compulsory classes local insurers generated AZN 142.3 million (28%) in premiums. Shares in paid claims were almost the same: the share of voluntary insurance was 74% (AZN 124.6 million), the share of compulsory classes amounted to 26% (AZN 43.9 million). According to statistics from the period under consideration, for each AZN 100 of premiums, there were AZN 32.6 of paid claims (vs AZN 45.3 a year ago).

*EUR 1 = AZN 1.9859 (as of 31.08.2018)

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