STATISTICS: AZERBAIJAN: 1Q2015: Local market reported a 14.30% growth

In 1Q2015, the Azeri insurance market totaled AZN 134.80 million, increasing by 14.30% in local currency compared with the same period last year, while the claims paid amounted to AZN 35.75 million (up by 25.13%), according to data presented by the Ministry of Finance of the Republic of Azerbaijan. Due to the exchange rate variations, in European currency, the insurance market increased by 8.89%, to EUR 119.12 million.

In accordance with the decision of the Central Bank, starting February 21, 2015, the exchange rate of the AZN against the USD was reduced to AZN 1.05 per USD (compared with AZN 0.7844 earlier), which corresponds to a rate reduction of 33.9%.

In this context, the adjustment of the AZN rate did not cause a rise in prices of the insurance services in Azerbaijan. At the same time, the devaluation did not affect the financial stability of insurance companies existing in the country.

"Liabilities, insurance reserves, assets, as well as payments made by insurance companies are carried out in mantas (AZN). Therefore, the change of the national currency rate has not created currency risks for insurance companies," stated Namik KHALILOV, Head of State Insurance Supervision Service, Ministry of Finance of Azerbaijan.

Access www.xprimm.com and download the 1Q2015 Azerbaijani insurance market statistics.

Market portfolio and market ranking (in EUR and AZN):
  • Gross written premiums
  • Paid claims
  • Growth rates
  • Market shares

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

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