STATISTICS: AZERBAIJAN, 1Q2018: claims remained at the previous year's level while the premiums grew by more than 28%

Azeri insurers generated during Q1 2018 GWP by 28.16% more than a year before while paid claims remained just at the same level, - said the official report of the Financial Market Supervisory Authority of Azerbaijan.

Total amount of GWP was AZN 193.12 million, 81.3% of which were produced by voluntary classes and 18.7% - by compulsory classes. Life segment, accounting for about 37% of the market, demonstrated good growth in Q1 by almost 61% mostly thanks to its voluntary class (+85.29%). Among non-life classes significant increase during the first quarter was recorded also in voluntary classes such as fire and other perils insurance (~+219%), cargo insurance (~+232%), immovable property insurance (~+19%) and others. In terms of claims the shares of voluntary and compulsory classes amounted to 73.7% and 26.3% respectively.

Based on the data of the Financial Market Supervisory Authority of Azerbaijan the local market was represented in Q1 by 21 active insurers. The market leader both in terms of GWP and claims is PASHA Sigorta followed by PASHA Hayat - these 2 companies accumulate about 63% of the market while others having less than 10% each. Top-5 market companies include also Atsgah Hyat, Meqa Sigorta and Atsgah Sigorta.

Access http://xprimm.com/ and download Azerbaijan market figures.





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

Share |

Related articles

AZERBAIJAN: temporary administration institution established in insurance

The presidential decree of Ilham ALIYEV on amending the Law on insurance activity provides for the right of the Financial Market Supervisory Authority of Azerbaijan to introduce temporary administrators in Azeri insurance companies or dismiss their top management from duty, as the news agency Trend wrote.

2019-02-07

AZERBAIJAN: Azer ALIYEV re-heads Azerbaijan Insurers Association

Azer ALIYEV has been appointed the new chairman of the Azerbaijan Insurers Association (ASA). Association's ex-chair Mustafa ABBASBEYLIi has been assigned advisor to Labor & Social Protection Minister Sahil BABAYEV, as analytical and news agency FINEKO and ABC.AZ wrote.

2019-01-23

ON THE MOVE

Peter CLARKE named VP & COO of FAIRFAX

FAIRFAX Financial Holdings Limited announced that Peter CLARKE has been appointed Vice President (VP) and Chief Operating Officer (COO) of FAIRFAX, reporting to FAIRFAX President, Paul RIVETT.

12.02.2019

ERGO Group appoints a Polish manager

Adam ROMAN, board member of Ergo Hestia (Poland), will hold the position of Head of Global P&C of the ERGO group, effective 1 March. His tasks will include supervision over property insurance of the group in the areas of underwriting, actuarial and pricing, as well as reinsurance.

07.02.2019

TOP EVENT

Inclusive Insurance - a creative solution to narrow the protection gap in the emerging markets of the Southeastern Europe

Insurance should be accessible to all social classes, regardless of their wealth & income status. Products offered today are conventional insurance products, largely inspired from the developed markets as "one-size-fits-all" solutions, affordable to only middle- and high-income clients in the Eastern Europe's emerging & developing markets. Inclusive insurance's goal is making insurance available to all, with responsible insurance offers, thus making up for a solution to narrow the insurance coverage gap in the region.

14.02.2019

Latest trends and challenges in the property and motor insurance lines under scrutiny, in Vienna

Property and motor insurance lines are providing for about 75% of the non-life insurance business in the CEE region, but are responsible for over 77% of the claims expenses. As such, although other classes of risks are emerging, for the time being and most probably for a rather long period ahead, property and motor insurance lines will continue to be at the heart of CEE's insurance market architecture.

14.02.2019

FIAR 2019: Register before 28 February and save EUR 400 of the attendance fee

To the satisfaction of its traditional guests, FIAR returns in 2019 to its historical hometown, Sinaia. The forthcoming edition will benefit from the comfort and professional facilities of a new venue, the Conference Center of the International Hotel ****, located in the heart of the beautiful mountain resort. Registration is opened at a significantly discounted early bird rate until 28 February.

10.01.2019

See all