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: the insurance market in 2018 may reach AZN 600 million

The Azeri market will continue to grow in 2018 according to the Chairman of the Mediator Committee of the Azerbaijani Insurers Association (ASA), Hayal MAMEDHANLI. Based on his opinion, the market may reach AZN 600 million this year (AZN 30 million more than in 2017).

2018-09-19

ON THE MOVE

Public insurers appoint Achim Bosch to reinsurer board

The supervisory bodies of Deutsche Ruckversicherung AG and the Association of German Public Insurers decided today, to appoint Achim Bosch (53) to the executive board of the two reinsurers, where he will be responsible for non-life reinsurance.

11.10.2018

TOP EVENT

Five new XPRIMM insurance reports to be launched in Baden Baden

Five new titles will be available this year on the XPRIMM Baden-Baden press stands opened in the Kurhaus Casino and in Baden Baden main locations, presenting the latest statistical data and comprehensive analysis for the CEE, SEE and CIS insurance markets.

11.10.2018

Croatian Insurance Days 2018 - Registration opened online

The 2018 edition of the "Croatian Insurance Days" will be held in Opatija, Croatia, on November 7-9, 2018. Organized by the Croatian Insurance Bureau, with the support of the Croatian Ministry of Finance, the conference will have, as usual, a rich and very informative program, also providing for extended networking opportunities.

11.10.2018

ICAR Forum 2018: Main conclusions

The 15th edition of ICAR - The International Catastrophic Risks Forum, taking place in Bucharest, Romania, on 9 October, touches issues of paramount concern.

09.10.2018

The 10th International Istanbul Insurance Conference started today

In emerging markets like Turkey, there can be a significant difference between insured and total insurable losses.
Focusing on closing the protection gap, the 10th International Istanbul Insurance Conference gathers in Istanbul, between the 4th and the 5th of October 2018, well-known speakers from Turkish and the global insurance & reinsurance markets.

04.10.2018

photodune-3834701-laughing-girl-xs

LIVE: 1st National Reinsurers Summit in Moscow: focus on global cooperation

Today has started in Moscow the 1st National Reinsurers Summit "National Reinsurers: Focus on global cooperation". Organized by the Russian National Reinsurance Company (RNRC) with the support of the Central Bank of the Russian Federation, the conference has the xprimm.com insurance portal as Media Partner.

20.09.2018

photodune-3834701-laughing-girl-xs

LIVE from Monte Carlo: The 62nd edition of the "Rendez-Vous de Septembre"

The 62nd edition of the "Rendez-Vous de Septembre", the annual traditional meeting of reinsurers starts Sunday in Monte Carlo. XPRIMM Publications covering the CEE, SEE and CIS insurance markets are available at the XPRIMM stand in Fairmont Hotel, as well as at the most important venues in Monte Carlo.

13.09.2018

See all