STATISTICS: AZERBAIJAN, 3Q2018: GWP exceeded last year's full amount and reached AZN 568.5 million

1 November 2018 — Marina MAGNAVAL
For 9 months this year the Azeri market generated GWP up by 37.21% y-o-y, thus overcoming the figure of the last full year of AZN 500 million (AZN 568.54 million), as the data, published by the Financial Market Supervisory Authority of Azerbaijan (FIMSA) show.

At that, thanks to the favorable exchange rate of the azeri manat, the market result in euro looks even more impressive (growth by 38.79%). Besides, total paid claims slightly decreased by 0.88% y-o-y and amounted to AZN 186.91 million.

Rapid growth of GWP was recorded by life insurance (+89.72%). The biggest contribution to the market GWP was made by voluntary classes, where the insurers generated AZN 414.9 million (73%), while compulsory classes generated AZN 153.6 million (27%). In terms of paid claims the shares of voluntary and compulsory classes amounted accordingly to 73.5% and 26.5%, as FIMSA informed. Distribution of shares between life and non-life segments evolved y-o-y. The share of the life segment went up from 36.73% to 46.26%, and the share of the non-life segment, in contrast, dropped from 63.27% to 53.74%.

The Azeri market is represented by 21 insurers and 1 reinsurer. The unchangeable leader is PASHA life Insurance, with its market share of 36.8%, followed by PASHA Insurance (19.04%), and these 2 insurers together accumulate more than 50% of the market, while the shares of other companies stay below 8%.

*EUR 1 = AZN 2.0077 (30.09.2017)

**EUR 1 = AZN 1.9799 (30.09.2018)

Access, and download 3Q2018 Azerbaijan insurance market statistics.

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