AZERBAIJAN: for 11 months of 2020, compulsory non-life insurance generated over 23% of the market GWP

11 January 2021 —
In December 2020 GWP of the compulsory non-life insurance in Azerbaijan exceeded AZN 156.8 million (~EUR 77.13 million*), generated for 11 months of the year. This is equal to 23.4% of the total market GWP, as Trend informed according to the data of the Central Bank of the country.

MTPL GWP for the period exceeded AZN 85.7 million, which accounts for 54.7% of the non-life portfolio in Azerbaijan. At the same time, GWP of the real estate insurance saw steady growth and reached about AZN 36.7 million.

Paid claims in the segment of compulsory non-life insurance from January to November 2020 reached AZN 61.1 million, which represent 15.6% of the total market paid claims over the period. A major part of the non-life claims was paid in MTPL (84.4%), while for compulsory real estate insurance the companies paid only 6.05% of the non-life paid claims by the beginning of December 2020.

* at the following exchange rate:

1 EUR = 2.0328 AZN (01.12.2020)