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The Insurance Industry in Azerbaijan, Key Trends and Opportunities to 2018 - Product Image

The Insurance Industry in Azerbaijan, Key Trends and Opportunities to 2018

  • ID: 2834553
  • May 2014
  • Region: Azerbaijan
  • 142 pages
  • Timetric

FEATURED COMPANIES

  • AzSigorta JSC
  • Pasha Sigorta JSC
  • Standard Insurance JSC
  • MORE

The report provides in-depth industry analysis, information and insights into the insurance industry in Azerbaijan, including:
- The Azerbaijani insurance industry’s growth prospects by insurance segments and categories
- The competitive landscape in the Azerbaijani insurance industry
- The current trends and drivers of the Azerbaijani insurance industry
- Challenges facing the Azerbaijani insurance industry
- The detailed regulatory framework of the Azerbaijani insurance industry

Summary
The Azerbaijani insurance industry has significant growth potential. The gross written premium registered by the industry increased during the review period. As of 2012, 29 insurers and one reinsurer operated in the country’s insurance industry. The minimum capital requirements for insurers and reinsurers is AZN5 million (US$6.4 million) and AZN10 million (US$12.7 million) respectively. The industry is moderately concentrated, with the 10 leading insurers accounting for 75% of premiums in 2012. Despite accounting for a small share of premiums, the life segment’s share grew rapidly during the review period.

Scope
This report provides a comprehensive READ MORE >

FEATURED COMPANIES

  • AzSigorta JSC
  • Pasha Sigorta JSC
  • Standard Insurance JSC
  • MORE

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Azerbaijani Insurance Industry Overview
3.1 Azerbaijani Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual life insurance
4.1.2 Individual endowment insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.3.1 Personal accident insurance
4.3.2 Health insurance
4.3.3 Travel insurance
4.4 Reinsurance
5 Governance, Risk and Compliance
1.1 Legislation Overview and Historical Evolution
1.2 Legislation and Market Practice by Type of Insurance
1.2.1 Life insurance
1.2.2 Property insurance
1.2.3 Motor insurance
1.2.4 Liability insurance
1.2.5 Marine, aviation and transit insurance
1.2.6 Personal accident and health insurance
1.3 Compulsory Insurance
1.3.1 Real estate insurance
1.3.2 Motor third-party liability insurance
1.3.3 Passenger insurance in respect of all public transport by road, air, rail or sea
1.3.4 Workers’ compensation insurance
1.4 Supervision and Control
1.4.1 International Association of Insurance Supervisors (IAIS)
1.4.2 The Ministry of Finance
1.5 Non-Admitted Insurance Regulations
1.5.1 Overview
1.5.2 Intermediaries
1.5.3 Market practices
1.5.4 Fines and penalties
1.6 Company Registration and Operations
1.6.1 Types of insurance organization
1.6.2 Establishing a local company
1.6.3 Foreign ownership
1.6.4 Types of license
1.6.5 Capital requirements
1.6.6 Solvency margins
1.6.7 Reserve requirements
1.6.8 Investment regulations
1.6.9 Statutory return requirements
1.6.10 Fee structure
1.7 Taxation
1.7.1 Insurance premium or policy taxation
1.7.2 Withholding taxes on premium paid overseas
1.7.3 Corporate tax
1.7.4 VAT
1.7.5 Captives
1.8 Legal System
1.8.1 Introduction
1.8.2 Access to court
1.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 PASHA Sigorta Joint Stock Company – company overview
6.2.2 AzSigorta Joint Stock Company – company overview
6.2.3 Ateshgah Sigorta Shirketi Joint Stock Company – company overview
6.2.4 AzerSigorta State Insurance Commercial Company – company overview
6.2.5 Standard Insurance Joint Stock Company – company overview
7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP per Capita at Constant Prices (US$)
7.3 GDP at Current Prices (US$)
7.4 GDP per Capita at Current Prices (US$)
7.5 Inflation Rate
7.6 Exports as a Percentage of GDP
7.7 Imports as a Percentage of GDP
7.8 Total Internet Subscribers
7.9 Labor Force
7.1 Unemployment Rate
7.11 Total Population
7.12 Urban and Rural Populations
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric’s Services
8.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Azerbaijani Insurance – Overall Written Premium by Segment (AZN Million), 2009–2013
Table 3: Azerbaijani Insurance – Overall Written Premium by Segment (US$ Million), 2009–2013
Table 4: Azerbaijani Insurance – Overall Written Premium by Segment (AZN Million), 2013–2018
Table 5: Azerbaijani Insurance – Overall Written Premium by Segment (US$ Million), 2013–2018
Table 6: Azerbaijani Insurance – Segmentation (% Share), 2009–2018
Table 7: Azerbaijani Life Insurance – Written Premium by Category (AZN Million), 2009–2013
Table 8: Azerbaijani Life Insurance – Written Premium by Category (US$ Million), 2009–2013
Table 9: Azerbaijani Life Insurance – Written Premium by Category (AZN Million), 2013–2018
Table 10: Azerbaijani Life Insurance – Written Premium by Category (US$ Million), 2013–2018
Table 11: Azerbaijani Life Insurance – Paid Claims (AZN Million), 2009–2013
Table 12: Azerbaijani Life Insurance – Paid Claims (AZN Million), 2013–2018
Table 13: Azerbaijani Life Insurance – Incurred Loss (AZN Million), 2009–2013
Table 14: Azerbaijani Life Insurance – Incurred Loss (AZN Million), 2013–2018
Table 15: Azerbaijani Life Insurance – Loss Ratio (%), 2009–2013
Table 16: Azerbaijani Life Insurance – Loss Ratio (%), 2013–2018
Table 17: Azerbaijani Life Insurance – Combined Ratio (%), 2009–2013
Table 18: Azerbaijani Life Insurance – Combined Ratio (%), 2013–2018
Table 19: Azerbaijani Life Insurance – Retentions (AZN Million), 2009–2013
Table 20: Azerbaijani Life Insurance – Retentions (AZN Million), 2013–2018
Table 21: Azerbaijani Individual Life Insurance – Written Premium (AZN Million), 2009–2013
Table 22: Azerbaijani Individual Life Insurance – Written Premium (AZN Million), 2013–2018
Table 23: Azerbaijani Individual Endowment Insurance – Written Premium (AZN Million), 2009–2013
Table 24: Azerbaijani Individual Endowment Insurance – Written Premium (AZN Million), 2013–2018
Table 25: Azerbaijani Non-Life Insurance – Written Premium by Category (AZN Million), 2009–2013
Table 26: Azerbaijani Non-Life Insurance – Written Premium by Category (US$ Million), 2009–2013
Table 27: Azerbaijani Non-Life Insurance – Written Premium by Category (AZN Million), 2013–2018
Table 28: Azerbaijani Non-Life Insurance – Written Premium by Category (US$ Million), 2013–2018
Table 29: Azerbaijani Non-Life Insurance – Paid Claims (AZN Million), 2009–2013
Table 30: Azerbaijani Non-Life Insurance – Paid Claims (AZN Million), 2013–2018
Table 31: Azerbaijani Non-Life Insurance – Incurred Loss (AZN Million), 2009–2013
Table 32: Azerbaijani Non-Life Insurance – Incurred Loss (AZN Million), 2013–2018
Table 33: Azerbaijani Non-Life Insurance – Loss Ratio (%), 2009–2013
Table 34: Azerbaijani Non-Life Insurance – Loss Ratio (%), 2013–2018
Table 35: Azerbaijani Non-Life Insurance – Combined Ratio (%), 2009–2013
Table 36: Azerbaijani Non-Life Insurance – Combined Ratio (%), 2013–2018
Table 37: Azerbaijani Non-Life Insurance – Retentions (AZN Million), 2009–2013
Table 38: Azerbaijani Non-Life Insurance – Retentions (AZN Million), 2013–2018
Table 39: Azerbaijani Property Insurance – Written Premium (AZN Million), 2009–2013
Table 40: Azerbaijani Property Insurance – Written Premium (AZN Million), 2013–2018
Table 41: Azerbaijani Motor Insurance – Written Premium (AZN Million), 2009–2013
Table 42: Azerbaijani Motor Insurance – Written Premium (AZN Million), 2013–2018
Table 43: Azerbaijani Liability Insurance – Written Premium (AZN Million), 2009–2013
Table 44: Azerbaijani Liability Insurance – Written Premium (AZN Million), 2013–2018
Table 45: Azerbaijani Marine, Aviation and Transit Insurance – Written Premium (AZN Million), 2009–2013
Table 46: Azerbaijani Marine, Aviation and Transit Insurance – Written Premium (AZN Million), 2013–2018
Table 47: Azerbaijani Personal Accident and Health Insurance – Written Premium by Category (AZN Million), 2009–2013
Table 48: Azerbaijani Personal Accident and Health Insurance – Written Premium by Category (US$ Million), 2009–2013
Table 49: Azerbaijani Personal Accident and Health Insurance – Written Premium by Category (AZN Million), 2013–2018
Table 50: Azerbaijani Personal Accident and Health Insurance – Written Premium by Category (US$ Million), 2013–2018
Table 51: Azerbaijani Personal Accident and Health Insurance – Paid Claims (AZN Million), 2009–2013
Table 52: Azerbaijani Personal Accident and Health Insurance – Paid Claims (AZN Million), 2013–2018
Table 53: Azerbaijani Personal Accident and Health Insurance – Incurred Loss (AZN Million), 2009–2013
Table 54: Azerbaijani Personal Accident and Health Insurance – Incurred Loss (AZN Million), 2013–2018
Table 55: Azerbaijani Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013
Table 56: Azerbaijani Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018
Table 57: Azerbaijani Personal Accident and Health Insurance – Combined Ratio (%), 2009–2013
Table 58: Azerbaijani Personal Accident and Health Insurance – Combined Ratio (%), 2013–2018
Table 59: Azerbaijani Personal Accident and Health Insurance – Retentions (AZN Million), 2009–2013
Table 60: Azerbaijani Personal Accident and Health Insurance – Retentions (AZN Million), 2013–2018
Table 61: Azerbaijani Personal Accident Insurance – Written Premium (AZN Million), 2009–2013
Table 62: Azerbaijani Personal Accident Insurance – Written Premium (AZN Million), 2013–2018
Table 63: Azerbaijani Health Insurance – Written Premium (AZN Million), 2009–2013
Table 64: Azerbaijani Health Insurance – Written Premium (AZN Million), 2013–2018
Table 65: Azerbaijani Travel Insurance – Written Premium (AZN Million), 2009–2013
Table 66: Azerbaijani Travel Insurance – Written Premium (AZN Million), 2013–2018
Table 67: Azerbaijani Reinsurance Ceded by Insurance Segment (AZN Million), 2009–2013
Table 68: Azerbaijani Reinsurance Ceded by Insurance Segment (US$ Million), 2009–2013
Table 69: Azerbaijani Reinsurance Ceded by Insurance Segment (AZN Million), 2013–2018
Table 70: Azerbaijani Reinsurance Ceded by Insurance Segment (US$ Million), 2013–2018
Table 71: Azerbaijani Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 72: Azerbaijani Life Insurance – Percentage of Reinsurance Ceded (%),2013–2018
Table 73: Azerbaijani Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 74: Azerbaijani Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Table 75: Azerbaijani Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 76: Azerbaijani Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Table 77: Azerbaijan – Life Insurance Regulatory Framework
Table 78: Azerbaijan – Property Insurance Regulatory Framework
Table 79: Azerbaijan – Motor Insurance Regulatory Framework
Table 80: Azerbaijan – Liability Insurance Regulatory Framework
Table 81: Azerbaijan – Minimum Capital Requirements
Table 82: Azerbaijan – License Fees
Table 83: Azerbaijan – Corporate Tax Rate for the Financial Year 2013
Table 84: Azerbaijani Insurance – Market Shares (%), 2012
Table 85: PASHA Sigorta Joint Stock Company, Main Products
Table 86: PASHA Sigorta Joint Stock Company, Key Employees
Table 87: AzSigorta Joint Stock Company, Main Products
Table 88: Ateshgah Sigorta Sirketi Joint Stock Company, Main Products
Table 89: Ateshgah Sigorta Sirketi Joint Stock Company, Key Employees
Table 90: AzerSigorta State Insurance Commercial Company, Main Products
Table 91: AzerSigorta State Insurance Commercial Company, Key Employees
Table 92: Standard Insurance Joint Stock Company, Main Products
Table 93: Standard Insurance Joint Stock Company, Key Employees

List of Figures
Figure 1: Azerbaijani Insurance – Overall Written Premium by Segment (AZN Million), 2009–2018
Figure 2: Azerbaijani Insurance – Dynamics by Segment (%), 2009–2018
Figure 3: Azerbaijani Life Insurance – Written Premium by Category (AZN Million), 2009–2018
Figure 4: Azerbaijani Life Insurance – Written Premium by Category (% Share), 2013 and 2018
Figure 5: Azerbaijani Life Insurance – Dynamics by Category (%), 2009–2018
Figure 6: Azerbaijani Life Insurance – Paid Claims (AZN Million), 2009–2013
Figure 7: Azerbaijani Life Insurance – Paid Claims (AZN Million), 2013–2018
Figure 8: Azerbaijani Life Insurance – Incurred Loss (AZN Million), 2009–2013
Figure 9: Azerbaijani Life Insurance – Incurred Loss (AZN Million), 2013–2018
Figure 10: Azerbaijani Life Insurance – Loss Ratio (%), 2009–2013
Figure 11: Azerbaijani Life Insurance – Loss Ratio (%), 2013–2018
Figure 12: Azerbaijani Life Insurance – Combined Ratio (%), 2009–2013
Figure 13: Azerbaijani Life Insurance – Combined Ratio (%), 2013–2018
Figure 14: Azerbaijani Life Insurance – Retentions (AZN Million), 2009–2013
Figure 15: Azerbaijani Life Insurance – Retentions (AZN Million), 2013–2018
Figure 16: Azerbaijani Life Insurance – Penetration (%), 2009–2013
Figure 17: Azerbaijani Life Insurance – Premium per Capita (AZN), 2009–2013
Figure 18: Azerbaijani Individual Life Insurance – Written Premium (AZN Million), 2009–2013
Figure 19: Azerbaijani Individual Life Insurance – Written Premium (AZN Million), 2013–2018
Figure 20: Azerbaijani Individual Endowment Insurance – Written Premium (AZN Million), 2009–2013
Figure 21: Azerbaijani Individual Endowment Insurance – Written Premium (AZN Million), 2013–2018
Figure 22: Azerbaijani Non-Life Insurance – Written Premium by Category (AZN Million), 2009–2018
Figure 23: Azerbaijani Non-Life Insurance – Written Premium by Category (%), 2013 and 2018
Figure 24: Azerbaijani Non-Life Insurance – Dynamics by Category (%), 2009–2018
Figure 25: Azerbaijani Non-Life Insurance – Paid Claims (AZN Million), 2009–2013
Figure 26: Azerbaijani Non-Life Insurance – Paid Claims (AZN Million), 2013–2018
Figure 27: Azerbaijani Non-Life Insurance – Incurred Loss (AZN Million), 2009–2013
Figure 28: Azerbaijani Non-Life Insurance – Incurred Loss (AZN Million), 2013–2018
Figure 29: Azerbaijani Non-Life Insurance – Loss Ratio (%), 2009–2013
Figure 30: Azerbaijani Non-Life Insurance – Loss Ratio (%), 2013–2018
Figure 31: Azerbaijani Non-Life Insurance – Combined Ratio (%), 2009–2013
Figure 32: Azerbaijani Non-Life Insurance – Combined Ratio (%), 2013–2018
Figure 33: Azerbaijani Non-Life Insurance – Retentions (AZN Million), 2009–2013
Figure 34: Azerbaijani Non-Life Insurance – Retentions (AZN Million), 2013–2018
Figure 35: Azerbaijani Non-Life Insurance – Penetration (%), 2009–2013
Figure 36: Azerbaijani Non-Life Insurance – Premium per Capita (AZN), 2009–2013
Figure 37: Azerbaijani Property Insurance – Written Premium (AZN Million), 2009–2013
Figure 38: Azerbaijani Property Insurance – Written Premium (AZN Million), 2013–2018
Figure 39: Azerbaijani Motor Insurance – Written Premium (AZN Million), 2009–2013
Figure 40: Azerbaijani Motor Insurance – Written Premium (AZN Million), 2013–2018
Figure 41: Azerbaijani Liability Insurance – Written Premium (AZN Million), 2009–2013
Figure 42: Azerbaijani Liability Insurance – Written Premium (AZN Million), 2013–2018
Figure 43: Azerbaijani Marine, Aviation and Transit Insurance – Written Premium (AZN Million), 2009–2013
Figure 44: Azerbaijani Marine, Aviation and Transit Insurance – Written Premium (AZN Million), 2013–2018
Figure 45: Azerbaijani Personal Accident and Health Insurance – Written Premium by Category (AZN Million), 2009–2018
Figure 46: Azerbaijani Personal Accident and Health Insurance – Written Premium by Category (%), 2013 and 2018
Figure 47: Azerbaijani Personal Accident and Health Insurance – Dynamics by Category (%), 2009–2018
Figure 48: Azerbaijani Personal Accident and Health Insurance – Paid Claims by Category (AZN Million), 2009–2013
Figure 49: Azerbaijani Personal Accident and Health Insurance – Paid Claims (AZN Million), 2013–2018
Figure 50: Azerbaijani Personal Accident and Health Insurance – Incurred Loss (AZN Million), 2009–2013
Figure 51: Azerbaijani Personal Accident and Health Insurance – Incurred Loss (AZN Million), 2013–2018
Figure 52: Azerbaijani Personal Accident and Health Insurance – Loss Ratio (%), 2009–2013
Figure 53: Azerbaijani Personal Accident and Health Insurance – Loss Ratio (%), 2013–2018
Figure 54: Azerbaijani Personal Accident and Health Insurance – Combined Ratio (%), 2009–2013
Figure 55: Azerbaijani Personal Accident and Health Insurance – Combined Ratio (%), 2013–2018
Figure 56: Azerbaijani Personal Accident and Health Insurance – Retentions (AZN Million), 2009–2013
Figure 57: Azerbaijani Personal Accident and Health Insurance – Retentions (AZN Million), 2013–2018
Figure 58: Azerbaijani Personal Accident and Health Insurance Penetration (%), 2009–2013
Figure 59: Azerbaijani Personal Accident and Health Insurance – Premium Per Capita (AZN), 2009–2013
Figure 60: Azerbaijani Personal Accident Insurance – Written Premium (AZN Million), 2009–2013
Figure 61: Azerbaijani Personal Accident Insurance – Written Premium (AZN Million), 2013–2018
Figure 62: Azerbaijani Health Insurance – Written Premium (AZN Million), 2009–2013
Figure 63: Azerbaijani Health Insurance – Written Premium (AZN Million), 2013–2018
Figure 64: Azerbaijani Travel Insurance – Written Premium (AZN Million), 2009–2013
Figure 65: Azerbaijani Travel Insurance – Written Premium (AZN Million), 2013–2018
Figure 66: Azerbaijani Reinsurance Ceded by Insurance Segment (AZN Million), 2009–2018
Figure 67: Azerbaijani Reinsurance – Dynamics by Insurance Segment (%), 2009–2018
Figure 68: Azerbaijani Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 69: Azerbaijani Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 70: Azerbaijani Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 71: Azerbaijani Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 72: Azerbaijani Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 73: Azerbaijani Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 74: Azerbaijan – Insurance Regulatory Framework
Figure 75: Azerbaijan – Insurance Supervision and Control at Various Levels
Figure 76: Azerbaijan – Insurance Regulatory Frameworks for Company Registration and Operation
Figure 77: Azerbaijani Insurance – Market Shares (%), 2012
Figure 78: Azerbaijani GDP at Constant Prices (US$ Billion), 2008–2012
Figure 79: Azerbaijani GDP Per Capita at Constant Prices (US$), 2008–2012
Figure 80: Azerbaijani GDP at Current Prices (US$ Billion), 2009–2013
Figure 81: Azerbaijani GDP per Capita at Current Prices (US$), 2009–2013
Figure 82: Azerbaijani Inflation Rate (%), 2009–2013
Figure 83: Azerbaijani Exports as a Percentage of GDP (%), 2008–2012
Figure 84: Azerbaijani Imports as a Percentage of GDP (%), 2008–2012
Figure 85: Azerbaijani Internet Subscriptions (Million), 2009–2013
Figure 86: Azerbaijani Size of Labor Force (Million), 2008–2012
Figure 87: Azerbaijani Unemployment Rate (%), 2009–2013
Figure 88: Azerbaijani Total Population (Million), 2009–2013
Figure 89: Azerbaijani Urban and Rural Populations (%), 2009–2013

Pasha Sigorta JSC
AzSigorta JSC
Ateshgah Sigorta Shirketi JSC
AzerSigorta State Insurance Commercial Company
Standard Insurance JSC
Axa Mbask Sigorta Sirketi JSC

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