Azerbaijan

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Location map
author: OCHA/ ReliefWeb


Location:
- Southwestern Asia, bordering the Caspian Sea, with a small European portion north of the Caucasus range.
- Neighbours: Turkey, Armenia, Georgia, Russia, Iran.

Climate:
- dry, semiarid steppe.

Natural hazards:
- droughts.

Macro indicators
* 2018 estimates
Surface:86,600km2
Population*:9.9million
Pop. density*:114.8people/km2
GDP*:39.7EUR billion
GDP/capita*:3,990.0EUR

Currency: Manat
Code: AZN
Since: 2006


Insurance market portfolio
* 2018 estimates
TOTAL LIFE*:47%
TOTAL NON-LIFE*:53%
Overall Property*:12%
Overall Motor*:17%

Sources:




 


Statistics

Azerbaijan 1Q2020 Market Portfolio

Azerbaijan 1Q2020 Insurance Companies Ranking


See all statistics

Latest news



AZERBAIJAN: Motor insurance premiums collection drastically decreased in April 2020

Motor insurance GWP of Azerbaijan drastically dropped in April 2020, as Trend reported, referring to the published report of the country's Central Bank. Motor Hull premiums reached only AZN 1.7 million (~USD 1 million), 81% less compared to April 2019, while MTPL premiums decreased by 24%, to AZN 6.8 million (~USD 4 million).


AZERBAIJAN: compulsory real estate insurance saw a sharp increase in 1Q2020

As a result of numerous fires and natural disasters of 2019, importance of property insurance has increased on the Azerbaijani market. This trend can be observed in 1Q2020 GWP under compulsory real estate insurance, indicator which went up by 95% year-on-year, as Trend reported according to the Association of insurers of Azerbaijan.



AZERBAIJAN: MTPL rates, insured amounts and bonus-malus system require revision

MTPL rates in Azerbaijan were established in 2011 and since then remained unchanged. A special group was created to work in the direction of changing the rates and insurance amounts, according to the Executive director of the Compulsory Insurance Bureau of the country, Rashad AHMADOV, as reported by Trend.









AZERBAIJAN: PASHA Insurance saw record growth in January

In January 2020, the GWP of the leading non-life insurer of Azerbaijan, PASHA Insurance, amounted to almost half of the total market's GWP, reaching AZN 56.6 million (~USD 33.3 million), which is at the same time AZN 10.1 million (USD 5.9 million) more than the insurer's GWP a year ago, Trend reports based on the data of the Central Bank.





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