Life insurance remains the main factor of the market's down trend - life GWP fell by 22.37% y-o-y in AZN currency. At the same time, life market share also dropped from 46.26% (in 3Q2018) to 39.08%. Non-life showed a slight increase in local currency - by 4.18% and improved its market share to almost 61%.
Among non-life classes the largest are medical insurance (14.01% market share), which demonstrates a dynamic GWP growth, and civil liability of motor vehicle owners (14.58% market share).
At the end of 3Q2019, TOP-5 insurers out of 22 insurance companies accounted for over 73% of total GWP. Pasha life Insurance remains the market leader, although the company's market share dropped to 31.47%. Pasha Insurance ranks second (AZN 118.96 million / EUR 63.99 million), and the State Insurance Company of the Azerbaijan Republic ranks third (AZN 41.92 million / EUR 22.55 million), which has moved one position higher in TOP-5.
Access xprimm.com and download 3Q2019 Azeri insurance market statistics.
- Azerbaijan 3Q2019 Market portfolio and rankings (in EUR and AZN):
- Paid claims
- Growth rates
- Market shares