STATISTICS: AZERBAIJAN, 1Q2017: GWP down by 1%, while claims paid increased by almost 15%

Gross premiums written by the local insurance companies totaled AZN 150.68 million, decreasing by 1.12% as compared with 1Q2016. Claims paid totaled AZN 60.29 million (EUR 32.76 million), up by 14.67% y-o-y.

According to the data published by the Azeri Financial Market Supervisory Authority (FIMSA), the local insurance market is dominated by the two companies of the PASHA group, ATESHGAH subsidiaries and the State insurer AzerSigorta.

The Top-5 Azerbaijan insurers in GWP terms generated about 69.77% of the total premiums production, and were formed by the following insurers: PASHA Sigorta (about 32.98% market share), PASHA Life Insurance (21.30%), ATESHGAH Hayat (5.45%), AzerSigorta (5.14%) and ATESHGAH Sigorta (4.89%).

Access www.xprimm.com and download the 1Q2017 Azerbaijani insurance market statistics.

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