The Insurance Industry in Azerbaijan, Key Trends and Opportunities to 2017

The report provides in depth market 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
• The challenges facing the Azerbaijani insurance industry
• The regulatory framework of the Azerbaijani insurance industry

Summary

The Azerbaijani insurance industry is in the early stages of development and is expected to grow over the forecast period. Key factors affecting the performance of the insurance industry during the last decade include fierce competition and a number of regulatory reforms, including the law on compulsory 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 2008–2012 review period and forecast figures for the 2012–2017 forecast period
• It offers a detailed analysis of the key segments and categories in the Azerbaijani insurance industry, along with industry forecasts until 2017
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
• 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 industry data related to the Azerbaijani insurance industry and each segment within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the Azerbaijani insurance industry
• Assess the competitive dynamics in the Azerbaijani insurance industry
• Identify the growth opportunities and market dynamics within key segments
• Gain insights into key regulations governing the Azerbaijani insurance industry and its impact on companies and the industry''s future

Key Highlights

• The Azerbaijani insurance industry is small, highly competitive and fragmented.
• Despite being a small economy and registering negative growth in 2009 due to the global financial crisis, the Azerbaijani economy posted strong growth in 2010.
• Despite being open to foreign companies, the Azerbaijan insurance industry does not have a prominent foreign insurer.
• Voluntary insurance is not popular among the citizens of Azerbaijan and the main issue for this unpopularity is the distrust of insurance companies.
• Azerbaijan''s insurance industry is projected to post healthy growth over the forecast period. The newly enforced law on compulsory insurance is expected to be the major driver of this growth.

Table of Contents

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 Industry Overview
3.2 Azerbaijani Insurance Industry – Market Size, 2008–2017
3.3 Key Industry Trends and Drivers
3.4 Challenges
3.5 Regulation

4 Industry Segmentation
4.1 Life Insurance Growth Prospects by Category
4.2 Non-Life Insurance Growth Prospects by Category
4.2.1 Property insurance category
4.2.2 Motor insurance category
4.2.3 Liability insurance category
4.2.4 Marine, aviation and transit insurance category
4.3 Personal Accident and Health Insurance Growth Prospects by Category
4.4 Reinsurance Market Size by Insurance Segment, 2008–2017

5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 Pasha Insurance – company overview
5.2.2 AZERSIGORTA – company overview
5.2.3 Atesgah Sigorta – company overview
5.2.4 AXA MBASK – company overview
5.2.5 Standard Insurance – company overview

6 Macroeconomic Indicators
6.1 GDP at Constant Prices (US dollar)
6.2 GDP Per Capita at Current Prices (US dollar)
6.3 GDP at Current Prices (US dollar)
6.4 Inflation Rate
6.5 Exports as a Percentage of GDP
6.6 Imports as a Percentage of GDP
6.7 Healthcare Expenditure Per Capita
6.8 Employed Population
6.9 Total Population
6.1 Healthcare Expenditure as a Percentage of GDP

7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Azerbaijani Insurance Overall Written Premium by Segment (AZN Million), 2008–2012
Table 3: Azerbaijani Insurance Overall Written Premium by Segment (US$ Million), 2008–2012
Table 4: Azerbaijani Insurance Overall Written Premium by Segment (AZN Million), 2012–2017
Table 5: Azerbaijani Insurance Overall Written Premium by Segment (US$ Million), 2012–2017
Table 6: Azerbaijani Insurance Segmentation (% Share), 2008–2017
Table 7: Azerbaijani Life Insurance Segment – Written Premium (AZN Million), 2008–2012
Table 8: Azerbaijani Life Insurance Segment – Written Premium (AZN Million), 2012–2017
Table 9: Azerbaijani Life Insurance – Paid Claims (AZN Million), 2008–2012
Table 10: Azerbaijani Life Insurance – Paid Claims (AZN Million), 2012–2017
Table 11: Azerbaijani Life Insurance – Incurred Loss (AZN Million), 2008–2012
Table 12: Azerbaijani Life Insurance – Incurred Loss (AZN Million), 2012–2017
Table 13: Azerbaijani Life Insurance – Loss Ratio (%), 2008–2012
Table 14: Azerbaijani Life Insurance – Loss Ratio (%), 2012–2017
Table 15: Azerbaijani Life Insurance – Combined Ratio (%), 2008–2012
Table 16: Azerbaijani Life Insurance – Combined Ratio (%), 2012–2017
Table 17: Azerbaijani Life Insurance – Retentions (AZN Million), 2008–2012
Table 18: Azerbaijani Life Insurance – Retentions (AZN Million), 2012–2017
Table 19: Azerbaijani Non-life Insurance Written Premium by Category (AZN Million), 2008–2012
Table 20: Azerbaijani Non-life Insurance Written Premium by Category (US$ Million), 2008–2012
Table 21: Azerbaijani Non-life Insurance Written Premium by Category (AZN Million), 2012–2017
Table 22: Azerbaijani Non-life Insurance Written Premium by Category (US$ Million), 2012–2017
Table 23: Azerbaijani Non-life Insurance – Paid Claims (AZN Million), 2008–2012
Table 24: Azerbaijani Non-life Insurance – Paid Claims (AZN Million), 2012–2017
Table 25: Azerbaijani Non-life Insurance – Loss Ratio (%), 2008–2012
Table 26: Azerbaijani Non-life Insurance – Loss Ratio (%), 2012–2017
Table 27: Azerbaijani Non-life Insurance – Incurred Loss (AZN Million), 2008–2012
Table 28: Azerbaijani Non-life Insurance – Incurred Loss (AZN Million), 2012–2017
Table 29: Azerbaijani Non-life Insurance – Combined Ratio (%), 2008–2012
Table 30: Azerbaijani Non-life Insurance – Combined Ratio (%), 2012–2017
Table 31: Azerbaijani Non-life Insurance – Retentions (AZN Million), 2008–2012
Table 32: Azerbaijani Non-life Insurance – Retentions (AZN Million), 2012–2017
Table 33: Azerbaijani Property Insurance Category – Written Premium (AZN Million), 2008–2012
Table 34: Azerbaijani Property Insurance Category – Written Premium (AZN Million), 2012–2017
Table 35: Azerbaijani Motor Insurance Category – Written Premium (AZN Million), 2008–2012
Table 36: Azerbaijani Motor Insurance Category – Written Premium (AZN Million), 2012–2017
Table 37: Azerbaijani Liability Insurance Category – Written Premium (AZN Million), 2008–2012
Table 38: Azerbaijani Liability Insurance Category – Written Premium (AZN Million), 2012–2017
Table 39: Azerbaijani Marine, Aviation and Transit Insurance Category – Written Premium (AZN Million), 2008–2012
Table 40: Azerbaijani Marine, Aviation and Transit Insurance Category – Written Premium (AZN Million), 2012–2017
Table 41: Azerbaijani Personal Accident and Health Insurance Segment – Written Premium (AZN Million), 2008–2012
Table 42: Azerbaijani Personal Accident and Health Insurance Segment – Written Premium (AZN Million), 2012–2017
Table 43: Azerbaijani Personal Accident and Health Insurance Segment – Paid Claims (AZN Million), 2008–2012
Table 44: Azerbaijani Personal Accident and Health Insurance Segment – Paid Claims (AZN Million), 2012–2017
Table 45: Azerbaijani Personal Accident and Health Insurance Segment – Incurred Loss (AZN Million), 2008–2012
Table 46: Azerbaijani Personal Accident and Health Insurance Segment – Loss Ratio (%), 2012–2017
Table 47: Azerbaijani Personal Accident and Health Insurance Segment – Loss Ratio (%), 2008–2012
Table 48: Azerbaijani Personal Accident and Health Insurance Segment – Incurred Loss (AZN Million), 2012–2017
Table 49: Azerbaijani Personal Accident and Health Insurance Segment – Combined Ratio (%), 2008–2012
Table 50: Azerbaijani Personal Accident and Health Insurance Segment – Combined Ratio (%), 2012–2017
Table 51: Azerbaijani Personal Accident and Health Insurance Segment – Retentions (AZN Million), 2008–2012
Table 52: Azerbaijani Personal Accident and Health Insurance Segment – Retentions (AZN Million), 2012–2017
Table 53: Azerbaijani Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 54: Azerbaijani Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 55: Azerbaijani Non-life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 56: Azerbaijani Non-life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 57: Azerbaijani Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 58: Azerbaijani Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 59: Azerbaijani Insurance Industry – Market Shares, 2012
Table 60: Pasha Insurance, Main Products
Table 61: Pasha Insurance, Key Employees
Table 62: AZERSIGORTA, Main Products
Table 63: AZERSIGORTA, Key Employees
Table 64: Atesgah Sigorta, Main Products
Table 65: Atesgah Sigorta, Key Employees
Table 66: AXA MBASK, Main Products
Table 67: AXA MBASK, Key Employees
Table 68: Standard Insurance, Main Products
Table 69: Standard Insurance, Key Employees

List of Figures

Figure 1: Azerbaijani Insurance Overall Written Premium by Segment (AZN Million), 2008–2017
Figure 2: Azerbaijani Insurance – Market Dynamics by Segment, 2008–2017
Figure 3: Number of Insurers in Azerbaijani Insurance Industry, 2000–2012
Figure 4: Azerbaijani Life Insurance Segment – Written Premium (AZN Million), 2008–2012
Figure 5: Azerbaijani Life Insurance Segment – Written Premium (AZN Million), 2012–2017
Figure 6: Azerbaijani Life Insurance – Paid Claims (AZN Million), 2008–2012
Figure 7: Azerbaijani Life Insurance – Paid Claims (AZN Million), 2012–2017
Figure 8: Azerbaijani Life Insurance – Incurred Loss (AZN Million), 2008–2012
Figure 9: Azerbaijani Life Insurance – Incurred Loss (AZN Million), 2012–2017
Figure 10: Azerbaijani Life Insurance – Loss Ratio (%), 2008–2012
Figure 11: Azerbaijani Life Insurance – Loss Ratio (%), 2012–2017
Figure 12: Azerbaijani Life Insurance – Combined Ratio (%), 2008–2012
Figure 13: Azerbaijani Life Insurance – Combined Ratio (%), 2012–2017
Figure 14: Azerbaijani Life Insurance – Retentions (AZN Million), 2008–2012
Figure 15: Azerbaijani Life Insurance – Retentions (AZN Million), 2012–2017
Figure 16: Azerbaijani Life Insurance Penetration (% of GDP), 2008–2012
Figure 17: Azerbaijani Life Insurance – Premium Per Capita (AZN), 2008–2012
Figure 18: Azerbaijani Non-life Insurance Written Premium by Category (AZN Million), 2008–2017
Figure 19: Azerbaijani Non-life Insurance Written Premium by Category (% Share), 2012 and 2017
Figure 20: Azerbaijani Non-life Insurance – Market Dynamics by Category, 2008–2017
Figure 21: Azerbaijani Non-life Insurance – Paid Claims (AZN Million), 2008–2012
Figure 22: Azerbaijani Non-life Insurance – Paid Claims (AZN Million), 2012–2017
Figure 23: Azerbaijani Non-life Insurance – Loss Ratio (%), 2008–2012
Figure 24: Azerbaijani Non-life Insurance – Loss Ratio (%), 2012–2017
Figure 25: Azerbaijani Non-life Insurance – Incurred Loss (AZN Million), 2008–2012
Figure 26: Azerbaijani Non-life Insurance – Incurred Loss (AZN Million), 2012–2017
Figure 27: Azerbaijani Non-life Insurance – Combined Ratio (%), 2008–2012
Figure 28: Azerbaijani Non-life Insurance – Combined Ratio (%), 2012–2017
Figure 29: Azerbaijani Non-life Insurance – Retentions (AZN Million), 2008–2012
Figure 30: Azerbaijani Non-life Insurance – Retentions (AZN Million), 2012–2017
Figure 31: Azerbaijani Non-life Insurance – Premium Per Capita (AZN), 2008–2012
Figure 32: Azerbaijani Property Insurance Category – Written Premium (AZN Million), 2008–2012
Figure 33: Azerbaijani Property Insurance Category – Written Premium (AZN Million), 2012–2017
Figure 34: Azerbaijani Motor Insurance Category – Written Premium (AZN Million), 2008–2012
Figure 35: Azerbaijani Motor Insurance Category – Written Premium (AZN Million), 2012–2017
Figure 36: Azerbaijani Liability Insurance Category – Written Premium (AZN Million), 2008–2012
Figure 37: Azerbaijani Liability Insurance Category – Written Premium (AZN Million), 2012–2017
Figure 38: Azerbaijani Marine, Aviation and Transit Insurance Category – Written Premium (AZN Million), 2008–2012
Figure 39: Azerbaijani Marine, Aviation and Transit Insurance Category – Written Premium (AZN Million), 2012–2017
Figure 40: Azerbaijani Personal Accident and Health Insurance Segment – Written Premium (AZN Million), 2008–2012
Figure 41: Azerbaijani Personal Accident and Health Insurance Segment – Written Premium (AZN Million), 2012–2017
Figure 42: Azerbaijani Personal Accident and Health Insurance Segment – Paid Claims (AZN Million), 2008–2012
Figure 43: Azerbaijani Personal Accident and Health Insurance Segment – Paid Claims (AZN Million), 2012–2017
Figure 44: Azerbaijani Personal Accident and Health Insurance Segment – Incurred Loss (AZN Million), 2008–2012
Figure 45: Azerbaijani Personal Accident and Health Insurance Segment – Loss Ratio (%), 2008–2017
Figure 46: Azerbaijani Personal Accident and Health Insurance Segment – Loss Ratio (%), 2008–2012
Figure 47: Azerbaijani Personal Accident and Health Insurance Segment – Incurred Loss (AZN Million), 2012–2017
Figure 48: Azerbaijani Personal Accident and Health Insurance Segment – Combined Ratio (%), 2008–2012
Figure 49: Azerbaijani Personal Accident and Health Insurance Segment – Combined Ratio (%), 2012–2017
Figure 50: Azerbaijani Personal Accident and Health Insurance Segment – Retentions (AZN Million), 2008–2012
Figure 51: Azerbaijani Personal Accident and Health Insurance Segment – Retentions (AZN Million), 2012–2017
Figure 52: Azerbaijani Personal Accident and Health Insurance Penetration (% of GDP), 2008–2012
Figure 53: Azerbaijani Personal Accident and Health Insurance Segment – Premium Per Capita (AZN), 2008–2012
Figure 54: Azerbaijani Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 55: Azerbaijani Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 56: Azerbaijani Non-life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 57: Azerbaijani Non-life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 58: Azerbaijani Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 59: Azerbaijani Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 60: Market Share of Five Leading Insurers in Azerbaijani Insurance Industry (%), 2012
Figure 61: Azerbaijani GDP at Constant Prices (US$ Billion), 2007–2011
Figure 62: Azerbaijani GDP Per Capita at Current Prices (US$), 2007–2011
Figure 63: Azerbaijani GDP at Current Prices (US$ Billion), 2007–2011
Figure 64: Azerbaijani Inflation Rate (%), 2007–2011
Figure 65: Azerbaijani Exports as a Percentage of GDP (%), 2007–2011
Figure 66: Azerbaijani Imports as a Percentage of GDP (%), 2007–2011
Figure 67: Azerbaijani Healthcare Expenditure Per Capita (US$), 2007–2011
Figure 68: Azerbaijani Employed Population (%), 2007–2011
Figure 69: Azerbaijani Total Population (Million), 2007–2011
Figure 70: Azerbaijani Healthcare Expenditure (% of GDP), 2007–2011