STATISTICS: AZERBAIJAN, 1Q2018: claims remained at the previous year's level while the premiums grew by more than 28%

Azeri insurers generated during Q1 2018 GWP by 28.16% more than a year before while paid claims remained just at the same level, - said the official report of the Financial Market Supervisory Authority of Azerbaijan.

Total amount of GWP was AZN 193.12 million, 81.3% of which were produced by voluntary classes and 18.7% - by compulsory classes. Life segment, accounting for about 37% of the market, demonstrated good growth in Q1 by almost 61% mostly thanks to its voluntary class (+85.29%). Among non-life classes significant increase during the first quarter was recorded also in voluntary classes such as fire and other perils insurance (~+219%), cargo insurance (~+232%), immovable property insurance (~+19%) and others. In terms of claims the shares of voluntary and compulsory classes amounted to 73.7% and 26.3% respectively.

Based on the data of the Financial Market Supervisory Authority of Azerbaijan the local market was represented in Q1 by 21 active insurers. The market leader both in terms of GWP and claims is PASHA Sigorta followed by PASHA Hayat - these 2 companies accumulate about 63% of the market while others having less than 10% each. Top-5 market companies include also Atsgah Hyat, Meqa Sigorta and Atsgah Sigorta.

Access http://xprimm.com/ and download Azerbaijan market figures.





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

Share |

Related articles

AZERBAIJAN: the insurance market in 2018 may reach AZN 600 million

The Azeri market will continue to grow in 2018 according to the Chairman of the Mediator Committee of the Azerbaijani Insurers Association (ASA), Hayal MAMEDHANLI. Based on his opinion, the market may reach AZN 600 million this year (AZN 30 million more than in 2017).

2018-09-19

ON THE MOVE

Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.

11.10.2018

TOP EVENT

HOEPKE, Munich Re: I expect at least a stable renewal round in 2019

After severe storm damage in Japan and the United States, Munich Re is looking with a little more optimism to the next renewal season. "I expect at least a stable renewal round in 2019," Board member Doris HOEPKE said in Baden-Baden. Until recently the reinsurer's expectations were leaning towards a stagnant season.

22.10.2018

photodune-3834701-laughing-girl-xs

Five new XPRIMM insurance reports on the Baden Baden stands

Five new titles are available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.

21.10.2018

See all