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The Insurance Industry in the Azerbaijan, Key Trends and Opportunities to 2022

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    Report

  • 119 Pages
  • June 2018
  • Region: Azerbaijan
  • GlobalData
  • ID: 4592003
Description Jump to:
The Insurance Industry in the Azerbaijan, Key Trends and Opportunities to 2022

Summary

This report provides detailed analysis of the market trends, drivers and challenges in the Azerbaijani insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, 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. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

'The Insurance Industry in the Azerbaijan, Key Trends and Opportunities to 2022' report provides in-depth market analysis, information and insights into the Azerbaijani insurance industry, including -
  • The Azerbaijani insurance industry's growth prospects by segment and category

  • A comprehensive overview of the Azerbaijani economy and demographics

  • Details of the competitive landscape in the Azerbaijani insurance industry

  • The various distribution channels in the Azerbaijani insurance industry

  • Details of regulatory policy applicable to the Azerbaijani insurance industry

  • Analysis of natural hazards in the Azerbaijani insurance industry.


Key Highlights
  • According to the Financial Market Supervisory Authority of Republic of Azerbaijan (FIMSA), as of June 14, 2018, a total of 11 corporate insurance brokers were registered to operate in the insurance industry.

  • Effective November 2016, the Compulsory Insurance Bureau (CIB) introduced the Motor Third Party Liability (MTPL) electronic issuance system, mandating all insurers to offer MTPL policies electronically.

  • In February 2016, the government established the State Agency for Compulsory Health Care Insurance on a pilot basis, in order to introduce a universal mandatory health insurance system. In January 2018, the system was formalized and expanded to the entire country.

  • In April 2018, life insurers agreed to reduce mortgage insurance tariffs and improve tariff uniformity.


Scope
  • This report provides a comprehensive analysis of the insurance industry in the Azerbaijan.

  • It provides historical values for the Azerbaijani insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.

  • It offers a detailed analysis of the key segments in the Azerbaijani insurance industry, with market forecasts to 2022.

  • It covers an exhaustive list of parameters, including written premium and claims.

  • It analyzes the various distribution channels in Azerbaijan.

  • It profiles the top insurance companies in Azerbaijan, and outlines the key regulations affecting them.


Reasons to buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Azerbaijani insurance industry and each segment and category within it.

  • Understand the demand-side dynamics, key market trends and growth opportunities in the Azerbaijani insurance industry.

  • Assess the competitive dynamics in the Azerbaijani insurance industry.

  • Identify the growth opportunities and market dynamics in key segments.

  • Gain insights into key regulations governing the Azerbaijani insurance industry and their impact on companies and the industry's future.

Table of Contents

1. Key Facts and Highlights2 Executive Summary3 Economy and Demographics
4 Industry Outlook
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
4.1.3 Gross claims
5 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Gross claims
5.1.3 Penetration
5.2 Individual Life Insurance
5.2.1 Gross written premium
5.2.2 Penetration
5.3 Group Life Insurance
5.3.1 Gross written premium
5.3.2 Penetration
6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Gross claims
6.1.3 Penetration
6.1.4 Loss ratio
6.2 Property Insurance
6.2.1 Gross written premium
6.2.2 Penetration
6.2.3 Claims
6.2.4 Profitability
6.3 Motor Insurance
6.3.1 Gross written premium
6.3.2 Penetration
6.3.3 Claims
6.3.4 Profitability
6.4 Liability Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.4.3 Claims
6.4.4 Profitability
6.5 Marine, Aviation and Transit Insurance
6.5.1 Gross written premium
6.5.2 Penetration
6.5.3 Claims
6.5.4 Profitability
6.6 Personal Accident and Health Insurance
6.6.1 Gross written premium
6.6.2 Penetration
6.6.3 Claims
6.6.4 Profitability
7 Distribution Channel Outlook
8 Natural and Man-Made Hazards
8.1 Flooding
8.2 Droughts
8.3 Earthquakes
8.4 Exposure
9 Competitive Landscape
9.1 Company Profiles
9.1.1 Pasha Life Insurance JSC - company overview
9.1.2 Pasha Insurance Company JSC - company overview
9.1.3 Azerbaijan State Insurance Commercial Company - company overview
9.1.4 Ateshgah Insurance Company JSC - company overview
9.1.5 Ateshgah Life Insurance Company JSC - company overview
10 Governance, Risk and Compliance
10.1 Legislation Overview and Historical Evolution
10.2 Latest Changes in Regulation
10.3 Legislation and Market Practice by Type of Insurance
10.3.1 Life Insurance
10.3.2 Property Insurance
10.3.3 Motor Insurance
10.3.4 Liability insurance
10.3.5 Marine, aviation and transit insurance
10.3.6 Personal accident and health insurance
10.4 Compulsory Insurance
10.4.1 Real estate insurance
10.4.2 Motor third-party liability insurance
10.4.3 Passenger insurance in respect of all public transport by road, air, rail or sea
10.4.4 Workers’ compensation insurance
10.4.5 Auditors’ professional liability insurance
10.5 Supervision and Control
10.5.1 International Association of Insurance Supervisors
10.5.2 The Ministry of Finance
10.5.3 Azerbaijan Insurers Association (Azerbaijan Sigortaçilar Assosiasiyasi - ASA)
10.6 Non-Admitted Insurance Regulation
10.6.1 Overview
10.6.2 Intermediaries
10.6.3 Market practices
10.6.4 Fines and Penalties
10.7 Company Registration and Operations
10.7.1 Type of insurance organization
10.7.2 Establishing a local company
10.7.3 Foreign ownership
10.7.4 Types of license
10.7.5 Capital requirements
10.7.6 Solvency margin
10.7.7 Reserve requirements
10.7.8 Investment regulations
10.7.9 Statutory return requirements
10.7.10 Fee structure
10.8 Taxation
10.8.1 Insurance premium or policy taxation
10.8.2 Withholding taxes on premium paid overseas
10.8.3 Corporate tax
10.8.4 VAT
10.8.5 Captives
10.9 Legal System
10.9.1 Introduction
10.9.2 Access to court
10.9.3 Alternative dispute resolution (ADR)
11 Databook
11.1 Life Insurance
11.1.1 Policies and premium
11.1.2 Claims and expenses
11.1.3 Individual life insurance
11.1.4 Individual life insurance by category
11.1.5 Group life insurance
11.1.6 Group life insurance by category
11.2 General Insurance
11.2.1 Policies and premium
11.2.2 Claims and expenses
11.2.3 Property insurance
11.2.4 Property insurance by category
11.2.5 Motor insurance
11.2.6 Motor insurance by category
11.2.7 Liability insurance
11.2.8 Marine, aviation and transit insurance
11.2.9 Marine, aviation and transit Insurance by category
11.2.10 Personal accident and health insurance
11.2.11 Personal accident and health insurance by category
12 Definitions and Methodology
12.1 Definitions
12.2 Methodology
13 About the Publisher
13.1 Contact the Publisher
13.2 About the Publisher
13.3 Services
13.4 Disclaimer
List of Tables
Table 1: Azerbaijani Insurance Industry - Key Facts, 2017
Table 2: Azerbaijani Insurance Industry - Industry Shares of the Top Insurers, 2017
Table 3: Azerbaijani Government Credit Ratings
Table 4: Azerbaijani Insurance Industry - Gross Written Premium (AZN Million and US$ Million), 2013-2017
Table 5: Azerbaijani Insurance Industry - Gross Written Premium (AZN Million and US$ Million), 2017-
Table 6: Azerbaijani Insurance Industry - Density (AZN), 2013-2017
Table 7: Azerbaijani Insurance Industry - Density (AZN), 2017-
Table 8: Azerbaijani Insurance Industry - Gross Claims (AZN Million and US$ Million), 2013-2017
Table 9: Azerbaijani Insurance Industry - Gross Claims (AZN Million and US$ Million), 2017-
Table 10: Azerbaijani Life Insurance - Gross Written Premium (AZN Million and US$ Million), 2013-2017
Table 11: Azerbaijani Life Insurance - Gross Written Premium (AZN Million and US$ Million), 2017-
Table 12: Azerbaijani Life Insurance - Gross Claims (AZN Million and US$ Million), 2013-2017
Table 13: Azerbaijani Life Insurance - Gross Claims (AZN Million and US$ Million), 2017-
Table 14: Azerbaijani Individual Life Insurance - Gross Written Premium (AZN Million and US$ Million), 2013-2017
Table 15: Azerbaijani Individual Life Insurance - Gross Written Premium (AZN Million and US$ Million), 2017-
Table 16: Azerbaijani Group Life Insurance - Gross Written Premium (AZN Million and US$ Million), 2013-2017
Table 17: Azerbaijani Group Life Insurance - Gross Written Premium (AZN Million and US$ Million), 2017-
Table 18: Azerbaijani General Insurance - Gross Written Premium (AZN Million and US$ Million), 2013-2017
Table 19: Azerbaijani General Insurance - Gross Written Premium (AZN Million and US$ Million), 2017-
Table 20: Azerbaijani General Insurance - Gross Claims (AZN Million and US$ Million), 2013-2017
Table 21: Azerbaijani General Insurance - Gross Claims (AZN Million and US$ Million), 2017-
Table 22: Azerbaijani Property Insurance - Gross Written Premium (AZN Million and US$ Million), 2013-2017
Table 23: Azerbaijani Property Insurance - Gross Written Premium (AZN Million and US$ Million), 2017-
Table 24: Azerbaijani Property Insurance - Gross Claims (AZN Million and US$ Million), 2013-2017
Table 25: Azerbaijani Property Insurance - Gross Claims (AZN Million and US$ Million), 2017-
Table 26: Azerbaijani Property Insurance - Loss Ratio (%), 2013-2017
Table 27: Azerbaijani Property Insurance - Loss Ratio (%), 2017-
Table 28: Azerbaijani Motor Insurance - Gross Written Premium (AZN Million and US$ Million), 2013-2017
Table 29: Azerbaijani Motor Insurance - Gross Written Premium (AZN Million and US$ Million), 2017-
Table 30: Azerbaijani Motor Insurance - Gross Claims (AZN Million and US$ Million), 2013-2017
Table 31: Azerbaijani Motor Insurance - Gross Claims (AZN Million and US$ Million), 2017-
Table 32: Azerbaijani Motor Insurance - Loss Ratio (%), 2013-2017
Table 33: Azerbaijani Motor Insurance - Loss Ratio (%), 2017-
Table 34: Azerbaijani Liability Insurance - Gross Written Premium (AZN Million and US$ Million), 2013-2017
Table 35: Azerbaijani Liability Insurance - Gross Written Premium (AZN Million and US$ Million), 2017-
Table 36: Azerbaijani Liability Insurance - Gross Claims (AZN Million and US$ Million), 2013-2017
Table 37: Azerbaijani Liability Insurance - Gross Claims (AZN Million and US$ Million), 2017-
Table 38: Azerbaijani Liability Insurance - Loss Ratio (%), 2013-2017
Table 39: Azerbaijani Liability Insurance - Loss Ratio (%), 2017-
Table 40: Azerbaijani Marine, Aviation and Transit Insurance - Gross Written Premium (AZN Million and US$ Million), 2013-2017
Table 41: Azerbaijani Marine, Aviation and Transit Insurance - Gross Written Premium (AZN Million and US$ Million), 2017-
Table 42: Azerbaijani Marine, Aviation and Transit Insurance - Gross Claims (AZN Million and US$ Million), 2013-2017
Table 43: Azerbaijani Marine, Aviation and Transit Insurance - Gross Claims (AZN Million and US$ Million), 2017-
Table 44: Azerbaijani Marine, Aviation and Transit Insurance - Loss Ratio (%), 2013-2017
Table 45: Azerbaijani Marine, Aviation and Transit Insurance - Loss Ratio (%), 2017-
Table 46: Azerbaijani Personal Accident and Health Insurance - Gross Written Premium (AZN Million and US$ Million), 2013-2017
Table 47: Azerbaijani Personal Accident and Health Insurance - Gross Written Premium (AZN Million and US$ Million), 2017-
Table 48: Azerbaijani Personal Accident and Health Insurance - Gross Claims (AZN Million and US$ Million), 2013-2017
Table 49: Azerbaijani Personal Accident and Health Insurance - Gross Claims (AZN Million and US$ Million), 2017-
Table 50: Azerbaijani Personal Accident and Health Insurance - Loss Ratio (%), 2013-2017
Table 51: Azerbaijani Personal Accident and Health Insurance - Loss Ratio (%), 2017-
Table 52: Azerbaijani Insurance Industry - Market Shares of Leading Insurers (%), 2017
Table 53: Pasha Life Insurance JSC - Key Facts
Table 54: Pasha Insurance Company JSC - Key Facts
Table 55: Azerbaijan State Insurance Commercial Company - Key Facts
Table 56: Ateshgah Insurance Company JSC- Key Facts
Table 57: Ateshgah Life Insurance Company JSC - Key Facts
Table 58: Azerbaijan - Insurance Regulatory Framework Key Features
Table 59: Azerbaijan - Life Insurance Regulatory Framework
Table 60: Azerbaijan - Property Insurance Regulatory Framework
Table 61: Azerbaijan - Motor Insurance Regulatory Framework
Table 62: Azerbaijan - Liability Insurance Regulatory Framework
Table 63: Azerbaijan - Minimum Capital Requirements
Table 64: Azerbaijan - License Fees
Table 65: Azerbaijan - Corporate Tax Rates for the Financial Year 2016
Table 66: Azerbaijani Life Insurance - Policies and Premium, 2013-2017
Table 67: Azerbaijani Life Insurance - Policies and Premium, 2017-
Table 68: Azerbaijani Life Insurance - Claims and Expenses, 2013-2017
Table 69: Azerbaijani Life Insurance - Claims and Expenses, 2017-
Table 70: Azerbaijani Life Insurance - Individual Life Insurance, 2013-2017
Table 71: Azerbaijani Life Insurance - Individual Life Insurance, 2017-
Table 72: Azerbaijani Life Insurance - Individual Life Insurance by Category, 2013-2017
Table 73: Azerbaijani Life Insurance - Individual Life Insurance by Category, 2017-
Table 74: Azerbaijani Life Insurance - Group Life Insurance, 2013-2017
Table 75: Azerbaijani Life Insurance - Group Life Insurance, 2017-
Table 76: Azerbaijani Life Insurance - Group Life Insurance by Category, 2013-2017
Table 77: Azerbaijani Life Insurance - Group Life Insurance by Category, 2017-
Table 78: Azerbaijani General Insurance - Policies and Premium, 2013-2017
Table 79: Azerbaijani General Insurance - Policies and Premium, 2017-
Table 80: Azerbaijani General Insurance - Claims and Expenses, 2013-2017
Table 81: Azerbaijani General Insurance - Claims and Expenses, 2017-
Table 82: Azerbaijani General Insurance - Property Insurance, 2013-2017
Table 83: Azerbaijani General Insurance - Property Insurance, 2017-
Table 84: Azerbaijani General Insurance - Property Insurance by Category, 2013-2017
Table 85: Azerbaijani General Insurance - Property Insurance by Category, 2017-
Table 86: Azerbaijani General Insurance - Motor Insurance, 2013-2017
Table 87: Azerbaijani General Insurance - Motor Insurance, 2017-
Table 88: Azerbaijani General Insurance - Motor Insurance by Category, 2013-2017
Table 89: Azerbaijani General Insurance - Motor Insurance by Category, 2017-
Table 90: Azerbaijani General Insurance - Liability Insurance, 2013-2017
Table 91: Azerbaijani General Insurance - Liability Insurance, 2017-
Table 92: Azerbaijani General Insurance - Marine, Aviation and Transit Insurance, 2013-2017
Table 93: Azerbaijani General Insurance - Marine, Aviation and Transit Insurance, 2017-
Table 94: Azerbaijani General Insurance - Marine, Aviation and Transit Insurance by Category, 2013-2017
Table 95: Azerbaijani General Insurance - Marine, Aviation and Transit Insurance by Category, 2017-
Table 96: Azerbaijani General Insurance - Personal Accident and Health Insurance, 2013-2017
Table 97: Azerbaijani General Insurance - Personal Accident and Health Insurance, 2017-
Table 98: Azerbaijani General Insurance - Personal Accident and Health Insurance by Category, 2013-2017
Table 99: Azerbaijani General Insurance - Personal Accident and Health Insurance by Category, 2017-
Table 100: Insurance Industry Definitions
List of Figures
Figure 1: Azerbaijani Real GDP (AZN Billion), 2013-
Figure 2: Azerbaijani Exchange Rate (AZN per US$), 2013-
Figure 3: Azerbaijani Consumer Price Inflation (%), 2013-
Figure 4: Azerbaijani Current Account Balance (% of GDP), 2013-
Figure 5: Azerbaijani Unemployment Rate, 2013-
Figure 6: Azerbaijani Population by Age Group, 2013-
Figure 7: Azerbaijani Insurance Industry - Gross Written Premium (AZN Million), 2013-
Figure 8: Azerbaijani Insurance Industry - Density (AZN), 2013-
Figure 9: Azerbaijani Insurance Industry - Gross Claims (AZN Million), 2013-
Figure 10: Azerbaijani Life Insurance - Gross Written Premium (AZN Million), 2013-
Figure 11: Azerbaijani Life Insurance - Gross Claims (AZN Million), 2013-
Figure 12: Azerbaijani Life Insurance - Penetration (%), 2013-2017
Figure 13: Azerbaijani Life Insurance - Penetration (%), 2017-
Figure 14: Azerbaijani Individual Life Insurance - Gross Written Premium (AZN Million), 2013-
Figure 15: Azerbaijani Individual Life Insurance - Penetration (%), 2013-2017
Figure 16: Azerbaijani Individual Life Insurance - Penetration (%), 2017-
Figure 17: Azerbaijani Group Life Insurance - Gross Written Premium (AZN Million), 2013-
Figure 18: Azerbaijani Group Life Insurance - Penetration (%), 2013-2017
Figure 19: Azerbaijani Group Life Insurance - Penetration (%), 2017-
Figure 20: Azerbaijani General Insurance - Gross Written Premium (AZN Million), 2013-
Figure 21: Azerbaijani General Insurance - Gross Claims (AZN Million), 2013-
Figure 22: Azerbaijani General Insurance - Penetration (%), 2013-2017
Figure 23: Azerbaijani General Insurance - Penetration (%), 2017-
Figure 24: Azerbaijani General Insurance - Loss Ratio (%), 2013-2017
Figure 25: Azerbaijani General Insurance - Loss Ratio (%), 2017-
Figure 26: Azerbaijani Property Insurance - Gross Written Premium (AZN Million), 2013-
Figure 27: Azerbaijani Property Insurance - Penetration (%), 2013-2017
Figure 28: Azerbaijani Property Insurance - Penetration (%), 2017-
Figure 29: Azerbaijani Property Insurance - Gross Claims (AZN Million), 2013-
Figure 30: Azerbaijani Property Insurance - Loss Ratio (%), 2013-
Figure 31: Azerbaijani Motor Insurance - Gross Written Premium (AZN Million), 2013-
Figure 32: Azerbaijani Motor Insurance - Penetration (%), 2013-2017
Figure 33: Azerbaijani Motor Insurance - Penetration (%), 2017-
Figure 34: Azerbaijani Motor Insurance - Gross Claims (AZN Million), 2013-
Figure 35: Azerbaijani Motor Insurance - Loss Ratio (%), 2013-
Figure 36: Azerbaijani Liability Insurance - Gross Written Premium (AZN Million), 2013-
Figure 37: Azerbaijani Liability Insurance - Penetration (%), 2013-2017
Figure 38: Azerbaijani Liability Insurance - Penetration (%), 2017-
Figure 39: Azerbaijani Liability Insurance - Gross Claims (AZN Million), 2013-
Figure 40: Azerbaijani Liability Insurance - Loss Ratio (%), 2013-
Figure 41: Azerbaijani Marine, Aviation and Transit Insurance - Gross Written Premium (AZN Million), 2013-
Figure 42: Azerbaijani Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017
Figure 43: Azerbaijani Marine, Aviation and Transit Insurance - Penetration (%), 2017-
Figure 44: Azerbaijani Marine, Aviation and Transit Insurance - Gross Claims (AZN Million), 2013-
Figure 45: Azerbaijani Marine, Aviation and Transit Insurance - Loss Ratio (%), 2013-
Figure 46: Azerbaijani Personal Accident and Health Insurance - Gross Written Premium (AZN Million), 2013-
Figure 47: Azerbaijani Personal Accident and Health Insurance - Penetration (%), 2013-2017
Figure 48: Azerbaijani Personal Accident and Health Insurance - Penetration (%), 2017-
Figure 49: Azerbaijani Personal Accident and Health Insurance - Gross Claims (AZN Million), 2013-
Figure 50: Azerbaijani Personal Accident and Health Insurance - Loss Ratio (%), 2013-
Figure 51: Azerbaijani Insurance Industry - Market Shares of Leading Insurers (%), 2017
Figure 52: Azerbaijan - Insurance Supervision and Control at Various Levels
Figure 53: Azerbaijan - Insurance Regulatory Frameworks for Company Registration and Operation

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Pasha Life Insurance Company JSC

  • Pasha Insurance Company JSC

  • Azerbaijan State Insurance Commercial Company

  • Ateshgah Insurance Company JSC

  • Ateshgah Life Insurance Company JSC

  • AzSigorta Insurance Company

  • Axa MBASK Insurance Company JSC

  • Qala Life Insurance Company JSC

  • Sip Yolu sigorta JSC

  • Mega Insurance OJSC

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