Market Research Report
Strategic Market Intelligence: Insurance Industry in Azerbaijan - Key Trends and Opportunities to 2023
|Published by||GlobalData||Product code||800131|
|Published||Content info||26 Pages
Delivery time: 1-2 business days
|Strategic Market Intelligence: Insurance Industry in Azerbaijan - Key Trends and Opportunities to 2023|
|Published: March 1, 2019||Content info: 26 Pages||
Azerbaijan is an upper middle-income country. Its economy grew at a CAGR of 21.9% during 2013-2017. The economy grew by 1.3% during the first half of 2018, notably due to a change in political power, the implementation of new tax reforms, and new developments in the energy, environment and rural sectors. According to the World Bank, the country's economy is expected to grow by 3.6% in 2019, which will be conditioned by recovery in oil prices, coupled with an increase in oil output.
Insurance industry GWP accounted for AZN728.0 million (US$425.9 million) in 2018, and is expected to grow at a CAGR of 10.0% over the forecast period (2018-2023). The general insurance segment accounted for 53.7% of the total insurance industry GWP. Motor was the highest sub-segment of general GWP, with 32.0%, followed by personal accident and health and property insurance with 24.1% and 23.9% respectively in 2018. Term life was the largest sub-segment in life insurance, accounting for 85.7% of the segment's GWP in 2018. Property insurance registered the highest growth rate among the general insurance sub-segment, with a CAGR of 13.0% during 2014-2018.
The Azerbaijani government permits 30% FDI of the total authorized capital of all insurers operating in Azerbaijan. Mandatory insurance classes such as real property damage, workers' compensation and motor third-party liability insurance supported the industry's growth. According to the Financial Market Supervisory Authority (FIMSA), 21 domestic insurance companies are operating in the country.
The report "Strategic Market Intelligence: Insurance Industry in Azerbaijan - Key Trends and Opportunities to 2023", provides a detailed outlook by product category for the Azerbaijani insurance industry. It provides values for key performance indicators such as written premium, density, loss ratio and insurance penetration during the review period (2014-2018) and forecast period (2018-2023). The report gives a comprehensive overview of the Azerbaijani economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country.
Companies mentioned: A-Qroup Sigorta, Ateshgah Sigorta, Qala Hayat Sigorta, AXA MBASK, Pasha Life Insurance