STATISTICS: Azerbaijan 3Q2014: Life insurance continues to be the market leader

In 3Q2014, the insurance market of Azerbaijan totaled AZN 314.13 million, reporting an increase rate of 3.54% in local currency, while the claims payments amounted to AZN 116.39 million, up by 31.46%, according to data presented by the Ministry of Finance of the Republic of Azerbaijan. Taking into account the exchange rate variations, in European currency, the insurance market increased by 10.18%, to EUR 315.55 million.

"In 3Q2014, gross written premiums increased by AZN 10.75 million. At the same time, claims payments went up by 31.5% or AZN 27.85 million", said Orhan BAYRAMOV, Chairman, Azerbaijan Insurers Association for the online portal www.abc.az.

In the reporting period, the life insurers' gross written premiums increased by 49.78% and totaled AZN 76.85 million. At the same time, the insurance companies' overall non-life GWP amounted to AZN 237.28 million, reporting a decrease rate of 5.87% compared with 1Q2013.

Access www.xprimm.com and download the 3Q2014 Azerbaijani insurance market statistics.

Market portfolio and market ranking (in EUR and AZN):
  • Gross written premiums
  • Paid claims
  • Growth rates
  • Market shares

Follow XPRIMM Publications on LinkedIn, for more data on the insurance and financial industry.

Share |

Related articles

AZERBAIJAN: temporary administration institution established in insurance

The presidential decree of Ilham ALIYEV on amending the Law on insurance activity provides for the right of the Financial Market Supervisory Authority of Azerbaijan to introduce temporary administrators in Azeri insurance companies or dismiss their top management from duty, as the news agency Trend wrote.

2019-02-07

AZERBAIJAN: Azer ALIYEV re-heads Azerbaijan Insurers Association

Azer ALIYEV has been appointed the new chairman of the Azerbaijan Insurers Association (ASA). Association's ex-chair Mustafa ABBASBEYLIi has been assigned advisor to Labor & Social Protection Minister Sahil BABAYEV, as analytical and news agency FINEKO and ABC.AZ wrote.

2019-01-23

ON THE MOVE

Bulgaria: Boiko ATANASSOV appointed as FSC's head

The Parliament of the Republic of Bulgaria appointed Boiko ATANASSOV as Chairperson of the Financial Supervision Commission (FSC) on March 15, with 134 votes in favour, none opposed or abstained.

21.03.2019

TOP EVENT

Conclusions: TBILISI - the first Georgian International Insurance Conference

Today takes place in Tbilisi the first Georgian International Insurance Conference, an event that will put under scrutiny the current status and the future development perspectives of the local market, in an attempt of identifying the main growth opportunities. The forthcoming launch of the mandatory MTPL system is the most important topic on the agenda, as this new line of business has the potential to provide for a significant growth, but also to become a market disruptor.

14.03.2019

Motor insurance - becoming more financially efficient and consumer friendly

Under the strong pressure put by the technological evolution, the motor insurance business is rapidly changing, both in operational terms and, most visible, in the way insurers are interacting with their customers. Step by step, the insurers' relationship with customers evolves from simply indemnifying insureds for the losses suffered because of road incidents, to helping them prevent incidents and rapidly recover after the accidents that couldn't be avoided.

27.02.2019

See all