AZERBAIJAN: insurance market in 2018 may reach a record GWP volume, of over AZN 700 million

For 11 months of 2018 Azeri insurers generated GWP of AZN 663.9 million (31.7% more y-o-y) and paid claims amounted to AZN 224.1 million (3% less y-o-y), according to the Financial Markets Supervision Chamber of Azerbaijan (FIMSA).

Based on FIMSA data, GWP of the voluntary insurance amounted to AZN 485.3 million, paid claims reached AZN 162.4 million. GWP of compulsory insurance amounted to AZN 178.6 million, paid claims - AZN 61.7 million. Thus, the share of voluntary types in total premiums was 73.1%, and the share of compulsory - 26.9%. In terms of paid claims the share of voluntary insurance amounted to 72.5%, and the share of the compulsory - 27.5%.

According to the Chairman of the ASA Mustafa ABBASBEYLI, Azerbaijan is developing a road map for the development of the insurance market, including an action plan for the development of all types of insurance.

Azeri insurance market in 2018 may set a new record by exceeding total GWP of AZN 700 million. During the whole year the market had been keeping its annual growth rate at the level of 30-40%. An insurance expert, the Chairman of the insurance intermediary committee of ASA Khayal MAMMADKHANLY believes the introduction of new compulsory types of insurance and increased supervision over existing ones can give a significant impetus to the development of the market. A significant contribution to the development of the insurance market can be also made by agricultural insurance in particular. The law on agricultural insurance in Azerbaijan has already been developed, and according to Mustafa ABBASBEYLI, if this law is adopted, this type of insurance can bring additional GWP of AZN 70-100 million to the market.

*EUR 1 = AZN 1.9367 (30.11.2018)

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

AZERBAIJAN: temporary administration institution established in insurance

The presidential decree of Ilham ALIYEV on amending the Law on insurance activity provides for the right of the Financial Market Supervisory Authority of Azerbaijan to introduce temporary administrators in Azeri insurance companies or dismiss their top management from duty, as the news agency Trend wrote.

2019-02-07

AZERBAIJAN: Azer ALIYEV re-heads Azerbaijan Insurers Association

Azer ALIYEV has been appointed the new chairman of the Azerbaijan Insurers Association (ASA). Association's ex-chair Mustafa ABBASBEYLIi has been assigned advisor to Labor & Social Protection Minister Sahil BABAYEV, as analytical and news agency FINEKO and ABC.AZ wrote.

2019-01-23

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Climate and cyber: two Cs with catastrophic potential and the insurance business - under debate in Vienna, on April 9

10 years after its inception, the Romanian mandatory dwelling insurance system has progressed and PAID, the pool underwriting and managing the mandatory policies is a strong and financially sound institution. "We are currently managing a reinsurance program worth EUR 920 million, with a pool of excellent reinsurers, more than half of them rated AA+, while the company's solvency rate is of 220%," recently stated Nicoleta RADU, CEO, PAID.

21.03.2019

Conclusions: TBILISI - the first Georgian International Insurance Conference

The first Georgian International Insurance Conference took place on 14 March 2019. The event put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system was the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

See all