The key role in the overall market decline was played by the life sector, which dropped by 24.88%, its market share falling from 45.47% to 37.47%. Non-life sector, on the contrary, increased by 4.54%, and its market share grew to 62.53%.
In the non-life sector, among the largest classes the biggest decrease was shown by the voluntary insurance against fire and other perils (-33.97%), while the highest growth was recorded by Motor Hull (+30.74%).
Market paid claims recorded almost no change (-0.17%) as compared with 1H2018. The main part (AZN 77.64 million) fell on to non-life sector, where insurers paid 13.24% more y-o-y.
In 1H2019 the Azeri market was represented by 21 active insurers. The share of TOP-3 decreased slightly, to 64.93%. Pasha life Insurance is leading with GWP in the amount of AZN 109.27 million, followed by Pasha Insurance (AZN 89.20 million) and State Insurance Company of the Azerbaijan Republic (AZN 36.16 million). The highest growth was demonstrated by Xalg Sigorta (+286.31%).
*1 EUR = 1.9318 Manat - AZN (June 30th, 2019)
Access xprimm.com and download 1H2019 Azeri insurance market statistics.
- Azerbaijan 1H2019 market portfolio and market ranking (in EUR and AZN):
- Paid claims
- Growth rates
- Market shares