Azerbaijan - atypical reaction to the crisis: +137% for the insurance industry between 2008 and 2013

19 June 2014 — Vlad BOLDIJAR
Azerbaijan - atypical reaction to the crisis: +137% for the insurance industry between 2008 and 2013
aiif_2014_1The Azeri insurance market totaled, at the end of 2013, about EUR 376 million in premiums, according to XPRIMM INSURANCE Profile Azerbaijan. The figure is about 14% higher y-o-y and, compared with 2008, the local insurance market reported a +137% growth.

At the same time, insurance penetration in the GDP increased from 0.47% (in 2008) to 0.70% (in 2013), while the insurance density has more than doubled, from 18 euro/capita to more than 40 euro/capita in 2013.

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Late last year, the market's GWP portfolio consisted mostly of life insurance (~ 17%), medical insurance (~ 16%), fire and allied perils insurance (~ 12%) and motor insurances: Motor TPL - 17% and CASCO - 14%.

Last year, on the local market there were 28 active insurers, of which three specialized on the life segment. The market concentration degree amounted to 34% of the top three companies, while the TOP 10 generated 74% of total.

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XPRIMM INSURANCE Profile Azerbaijan FY2013 - was launched today, with the occasion of the Azerbaijan International Insurance Forum. Click here to see the summary.

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