Azeri insurers ended 2017 with GWP worth AZN 556.8 million (EUR 274.2 million), 14.5% up y-o-y in local currency. Given the continuous devaluation of the Azeri Manat, the market's premium production maintained a positive trend also denominated in European currency, but at a significantly lower pace (5.2% y-o-y).
Life insurance saw the best dynamic, with premiums going up by almost 44% y-o-y (or 32% in Euro). Thus, life insurance GWP amounted to almost EUR 104 million, the sector's weight in the overall portfolio increased from 23.8% in 2016 to ~32% in 2017. The largest contribution to the life sector's positive evolution was provided by the voluntary segment, which saw an almost 54% increase in GWP (local currency).
The non-life insurance sector's evolution remained almost flat, with GWP increasing overall by only 2%, to AZN 345.85 million. Denominated in European currency, GWP saw a negative change, decreasing by 6.4%, to EUR 170.3 million. In fact the only relevant classes in the portfolio which saw a positive trend were the Motor Hull line (6.05% up) and the mandatory MTPL (14.22% up) and the property insurance (~11% up). The medical insurance line, the voluntary subclass with the second largest share in the non-life portfolio, saw a negative change in GWP of 2%.
The PASA Group's companies are holding the top positions in the overall market ranking: PASA Hayat Sigorta (life insurance) - 27.4% market share; PASA Sigorta (non-life) - 19.3% market share. The State Insurance Company AZERSIGORTA ranks third, with a 7.2% market share.