STATISTICS: AZERBAIJAN, 3Q2019: life insurance dropped by more than 7% y-o- y

14 November 2019 — Marina MAGNAVAL
From January to September 2019, total market GWP decreased by 8.11% y-o-y, to AZN 522.45 million (EUR 281.01 million). Paid claims, on the contrary, went up by almost 8% and reached AZN 201.70 million (EUR 108.49 million), as the data, published by the Azerbaijan's Financial Market Supervisory Authority (FIMSA) show.

Life insurance remains the main factor of the market's down trend - life GWP fell by 22.37% y-o-y in AZN currency. At the same time, life market share also dropped from 46.26% (in 3Q2018) to 39.08%. Non-life showed a slight increase in local currency - by 4.18% and improved its market share to almost 61%.

Among non-life classes the largest are medical insurance (14.01% market share), which demonstrates a dynamic GWP growth, and civil liability of motor vehicle owners (14.58% market share).

At the end of 3Q2019, TOP-5 insurers out of 22 insurance companies accounted for over 73% of total GWP. Pasha life Insurance remains the market leader, although the company's market share dropped to 31.47%. Pasha Insurance ranks second (AZN 118.96 million / EUR 63.99 million), and the State Insurance Company of the Azerbaijan Republic ranks third (AZN 41.92 million / EUR 22.55 million), which has moved one position higher in TOP-5.

Access and download 3Q2019 Azeri insurance market statistics.

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