Strategic Market Intelligence: Insurance Industry in Azerbaijan - Key Trends and Opportunities to 2023

Strategic Market Intelligence: Insurance Industry in Azerbaijan - Key Trends and Opportunities to 2023

Summary

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

Scope

• This report provides a comprehensive analysis of the Insurance Industry in Azerbaijan.


• It provides historical values for the Azerbaijani insurance industry for the report’s 2014-2018 review period, and projected figures for the 2018-2023 forecast period.


• It offers a detailed analysis of the key categories in the Azerbaijani insurance industry, and market forecasts to 2023.


• It names the top insurance companies in Azerbaijan.

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Azerbaijani insurance industry, and each 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 insurance industry.


• Identify growth opportunities and market dynamics in key product categories.