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.

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