AZERBAIJAN, 1Q2012: Spectacular growth and a new leader

12 June 2012 — Vlad BOLDIJAR
AZERBAIJAN, 1Q2012: Spectacular growth and a new leader
azerbaidjan-statisticsIn January-March 2012, the Azerbaijani insurance market has increased in European currency by 78% to EUR 77.8 million. Of the revenues, EUR 9.1 million was gained from life insurance, while EUR 68.7 million on non-life insurance. At the same time, The State Insurance Supervision Service under the Ministry of Finance reported that in 1Q2012, total volume of payments of all 28 insurance companies in the country made EUR 15.9 million.

PASHA Sigorta is the new leader of the Azerbaijani insurance market, according to results centralized by Supervisory Authority. The business conducted by PASHA Sigorta in the analyzed period positions the company at a comfortable distance from other competitors. The new leader of the market underwrote in the first quarter of the year gross premiums worth over EUR 22 million, up 1,165% in European currency compared to the results of the similar period of last year. Company's market share was 28.3%. Basically, PASHA Sigorta recorded EUR 20.3 million more than the amount registered in the first three months of 2011. Top 3 was completed by AzSigorta (EUR 7.3 million) and ATESGAH Sigorta (EUR 6.9 million).

With the volume of insurance payments as a result of insurance accidents at EUR 4.3 million, PASHA Sigorta has become a market leader in terms of insurance compensations paid to customers during the first quarter of 2012. The second and third places in the ranking of insurance payments are occupied by AZERSIGORTA State Ins. Commercial Company and ATESHGAH Sigorta. Each of these insurers paid to customers on the basis of settled insured accidents about EUR 1.5 million.

Access www.xprimm.com and download the 1Q2012 Azerbaijani insurance market statistics.

Market indicators (in EUR and AZN):
  • GWP
  • Claims 
  • Growth rates
  • Portfolio
Market ranking (in EUR and AZN):
  • GWP
  • Claims 
  • Growth rates
  • Market shares

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