STATISTICS: AZERBAIJAN, 1Q2020: Voluntary insurance generated GWP twice as muсh than in mandatory

4 June 2020 — Marina MAGNAVAL
Insurers of Azerbaijan ended the first quarter of 2020 with GWP worth of AZN 241 million (~EUR 128.5 million), which in local currency reflects an increase of 19.7% y-o-y, as the data published by the regulator show.

GWP of voluntary insurance reached AZN 160.5 million (EUR 85.7 million), which in local currency means a significant growth of 23.53% y-o-y. This indicates a steady growth in domestic insurance sector, which remained safe even in front of the downturn observed in the market in March 2020 due to the restriction measures imposed under the pandemic-related quarantine regime.

For the same period, mandatory insurance premiums were two times times smaller when compared to voluntary insurance volume, mandatory GWP amounting to AZN 80.3 million.

The growth pace of market paid claims was three times bigger than the growth of the GWP, overall market claims expanding by 66% y-o-y. The major portion of paid claims fell on voluntary segments (over AZN 57 million).

At the end of the March 2020, 22 insurance companies and one reinsurance company operated in Azerbaijan. TOP-3 insurance companies ranking remained unchanged with Pasha Insurance keeping grabbing 32% of the market premiums. Together, the first three insurers generated over 68% of the total GWP of Azerbaijan.

Access and download the latest Azeri insurance market statistics.

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