STATISTICS: AZERBAIJAN, 3Q2015: The double digit growth for life insurance maintained

In 3Q2015, the GWP collected by the local companies reached to AZN 339.26 million, up by 8% y-o-y. In the reporting period, GWP for the Non-Life segment grew by 5.43%, while life insurance line increased by 15.95% y-o-y, according to data presented by the Ministry of Finance of the Republic of Azerbaijan.

According to Orhan BAYRAMOV, Chairman of the Azerbaijan Insurance Association, "the premiums are expected to remain on a strong positive path, the current estimations for the end year GWP volume indicating an AZN 500 million volume, meaning a y-o-y growth rate of 16.5%".

A significant growth in terms of premiums was marked by Ships insurance (+319.55%), Ships liability (+85.44%), immovable property insurance (+64.08%), GTPL (+58.92%) and other non-life insurance products, due to the large infrastructure projects that stimulate the development of the insurance industry in the whole.

Access www.xprimm.com and download the 3Q2015 Azerbaijani insurance market statistics.

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

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