STATISTICS: Azerbaijan, 1H2017: Local insurers' business going up by 3.22%; PASHA, ATESHGAH and AZERSIGORTA are the market best performers

In the first half of 2017, GWP written by the Azeri insurance companies totaled AZN 276.16 million, down by 3.22%, while the claims paid increased by 22.67%.

A negative GWP dynamics has been recorded by the non-life types of insurance: accident and diseases (V), fire and other perils insurance (V), aircraft insurance (V), cargo insurance (V), ships liability insurance (V), GTPL (V), motor insurance, immovable property (M), military servants (M) and servants of judicial and law-enforcement bodies (M).

In the reporting period, the life insurance segment saw a positive evolution, with GWP up by 27.26%, especially due to voluntary life insurance.

The number of insurance companies continued to decline from 25 to 21. The main reason behind the critical financial situation of liquidated insurers was the directly dependence on the banking sector, given the affiliation of several insurance companies to the banking system.

In the reporting period, the two PASHA units, ATESHGAH subsidiaries and the State insurer AZERSIGORTA have dominated the market, accounting for about 69.54% of the market GWP.

Access www.xprimm.com and download the 1H2017 Azerbaijani insurance market statistics.

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

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