STATISTICS: AZERBAIJAN, FY2018: market result denominated in euro saw an impressive growth, of over 36%

In 2018 Azeri insurers generated GWP in the amount of almost AZN 728 million (+30.7% y-o-y), data published by the Financial Market Supervisory Authority of Azerbaijan (FIMSA) show. In European currency, thanks to the Azeri Manat appreciation against Euro, the market results look much more impressive (+36.36% y-o-y growth).

The market share gap between life and non-life sectors in 2018 has decreased (46.84% and 53.16% vs 37.89% and 62.11% in 2017 accordingly). That was possible due to the rapid growth of life premiums (almost +62% vs non-life premiums' growth by about 12%). In non-life sector good growth by about 43% was recorded in voluntary classes, which generated 73.7% of the total market GWP, while mandatory insurance increased by 5.6% y-o-y.

Total paid claims in the national currency decreased by 6.5% to AZN 240.3 million. The share of voluntary classes amounted to 71.8% (AZN 172.5 million), and the share of mandatory classes reached 28.2% (AZN 67.8 million).

There are 21 insurance companies in Azerbaijan. The leader in terms of GWP is PASHA Hayat Sigorta (the market share is 36.4%), second goes PASHA Sigorta, the share of which decreased from 19.32% to 17.58%, however, together these two leaders control over 50% of the market volume. Among TOP-5 insurers the most impressive growth rate was demonstrated by ATESGAH Hayat (+56.65%), while its paid claims dropped by 73.26%.

*1 EUR = 1.9468 Manat - AZN (December 31st, 2018)

Access www.xprimm.com, and download FY2018 Azerbaijan insurance market statistics.

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

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