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

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

GENERALI Group results for year 2018

In 2018, GENERALI Group operating result reached EUR 4,857 million (+3.0%), with a net profit of EUR 2,309 mil. (+9.4%). The total gross written premiums (GWP) of the Group amounted EUR 66,691 mil. (+4.9%).

14.03.2019

MetLife announced leadership changes as part of CEO transition

MetLife announced a series of changes to its senior leadership ranks in connection with its CEO transition, all of which are effective May 1, 2019. In January 2019, the BoD announced that Michel KHALAF, President, U.S. Business and EMEA, will become MetLife's President, CEO and Member of the Board effective May 1, replacing Steven KANDARIAN, who is retiring.

14.03.2019

HANNOVER RE launches an insurtech innovation platform

Germany-based Hannover Re launched a platform designed to bring the insurance companies and insurtech innovators closer. Through the "hr | equarium" platform, Hannover Re wants to facilitate the connection between supply and the demand for insurtech solutions, taking advantage of its worldwide spread.

14.03.2019

TOP EVENT

Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.

27.02.2019

See all