STATISTICS: AZERBAIJAN, H12018: life segment went up by almost 73% thanks to the growth of voluntary insurance

In the first half year Azeri insurers generated GWP almost 44% more if compared to the same period last year, while paid claims of the market dropped by 4.10%, based on the data, published by the Financial Market Supervisory Authority of Azerbaijan.  

Total GWP amounted to AZN 396.37 million, at that paid claims amounted to AZN 119.3 million. The shares of life and non-life segments in total GWP changed, life segment increased to 45.47% (vs 37.76%), and non-life one had an opposite trend - decreased to 54.53% (vs 62.24%). The highest growth rate was demonstrated by life segment thanks to growing voluntary insurance. In non-life segment many classes saw dropping premiums, such as accidents and deseases insurance (-23.21%), GTPL (-7.66%) and others. The class with the highest premiums' growth was fire and other perils insurance (+99.73%).

Based on the data of the Financial Market Supervisory Authority of Azerbaijan the local market was represented in H1 by 22 insurers. The market leader in terms of GWP and paid claims is PASHA Hayat Sığorta, followed by PASHA Sığorta - these two companies accumulate about 57% of the market while others having less than 10% each. Among all the market insurers the highest premiums' growth rate was recorded by Azərbaycan Respublikası Dovlət Sıgorta Kommersiya Sirkəti (Azərsıgorta) (almost +164%), and the highest growth rate of paid claims showed Qala Sığorta (+939.13%).

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