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