STATISTICS: AZERBAIJAN, 1H2019: market GWP decreased by 8.84% y-o-y

8 August 2019 —
STATISTICS: AZERBAIJAN, 1H2019: market GWP decreased by 8.84% y-o-y
For the first half of 2019, market GWP decreased by 8.84% y-o-y and amounted to AZN 361.34 million (EUR 187.05 million), according to the data published by the Financial Markets Supervision Chamber of Azerbaijan (FIMSA).

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 and download 1H2019 Azeri insurance market statistics.