STATISTICS: AZERBAIJAN, FY2014: Gradual appreciation of AZN compared to EUR led to a double-digit increase of the market

18 February 2015 — Olesea ADONEV
According to data presented by the Ministry of Finance of the Republic of Azerbaijan, in 2014, the insurance market of Azerbaijan totaled AZN 429.18 million, reporting an increase rate of 5.79% in local currency, while the claims paid amounted to AZN 157.13 million, up by 27.95%.

The current situation on the international currency market has led to a gradual appreciation of the Azerbaijani currency against the EUR and the beginning of February 2015 was marked by its maximum rate since the beginning of 2012 - AZN 1.0372 to one EUR. "There is no any factor for long-term weakening of the AZN in Azerbaijan", said the Chairman of the Central Bank of Azerbaijan Elman RUSTAMOV, cited by APA-Economics.

Taking into account the exchange rate variations, in European currency, the insurance market increased by 19.77%, to EUR 450.73 million.

In the reporting period, the life insurers' gross written premiums increased by 52.66% and totaled AZN 104.99 million. At the same time, the insurance companies' overall non-life GWP amounted to AZN 324.19 million, reporting a decrease rate of 3.77% compared with FY2013.

Access and download the FY2014 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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