STATISTICS: AZERBAIJAN, FY 2015: Strong devaluation of AZN affected market's result

28 January 2016 — Olesea ADONEV
In 2015, the GWP collected by the local companies reached to AZN 442.91 million, up by 3.2% y-o-y. In the reporting period, GWP for the Non-Life segment grew by 0.69%, while life insurance line increased by 10.94% y-o-y, according to data presented by the Ministry of Finance of the Republic of Azerbaijan.

A significant growth in terms of premiums was marked by Ships insurance (277.94%), Ships liability (80.48%), Immovable property (45.25%), GTPL (37.14%), Motor Vehicle liability (27.17%) and other non-life insurance products.

Due to strong devaluation of the local currency (AZN) against USD/EUR, by almost 80%, in the European currency the insurance market decreased by 42.35%, to EUR 259.83 million.

Currently, the number of Azerbaijani insurance companies connected to the Green Card system has reached to eleven. The decision on Azerbaijan's ascension to the Green Card system was adopted at the session of the General Assembly of the Council of Green Card Bureaux in Poland. The system was become operational in Azerbaijan since January 1, 2016.

Access and download the FY2015 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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