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

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


  • Products Id :- IS1704MR
  • |
  • Pages: 119
  • |
  • |
  • |
  Request for Sample Report
  Request A Quote

Executive Summary

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

Summary

"The Insurance Industry in the Azerbaijan, Key Trends and Opportunities to 2022", 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, provides detailed information on the competitive landscape and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

This 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 Findings

- 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.



Read More



Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications

+91-9015378249

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 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 S??ortac?lar Assosiasiyas?-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 GlobalData

13.1 Contact GlobalData

13.2 About GlobalData

13.3 GlobalData's Services

13.4 Disclaimer

List of Figures

Figure 1: Azerbaijani Real GDP (AZN Billion), 2013-2022

Figure 2: Azerbaijani Exchange Rate (AZN per USD ), 2013-2022

Figure 3: Azerbaijani Consumer Price Inflation (%), 2013-2022

Figure 4: Azerbaijani Current Account Balance (% of GDP), 2013-2022

Figure 5: Azerbaijani Unemployment Rate, 2013-2022

Figure 6: Azerbaijani Population by Age Group, 2013-2022

Figure 7: Azerbaijani Insurance Industry-Gross Written Premium (AZN Million), 2013-2022

Figure 8: Azerbaijani Insurance Industry-Density (AZN), 2013-2022

Figure 9: Azerbaijani Insurance Industry-Gross Claims (AZN Million), 2013-2022

Figure 10: Azerbaijani Life Insurance-Gross Written Premium (AZN Million), 2013-2022

Figure 11: Azerbaijani Life Insurance-Gross Claims (AZN Million), 2013-2022

Figure 12: Azerbaijani Life Insurance-Penetration (%), 2013-2017

Figure 13: Azerbaijani Life Insurance-Penetration (%), 2017-2022

Figure 14: Azerbaijani Individual Life Insurance-Gross Written Premium (AZN Million), 2013-2022

Figure 15: Azerbaijani Individual Life Insurance-Penetration (%), 2013-2017

Figure 16: Azerbaijani Individual Life Insurance-Penetration (%), 2017-2022

Figure 17: Azerbaijani Group Life Insurance-Gross Written Premium (AZN Million), 2013-2022

Figure 18: Azerbaijani Group Life Insurance-Penetration (%), 2013-2017

Figure 19: Azerbaijani Group Life Insurance-Penetration (%), 2017-2022

Figure 20: Azerbaijani General Insurance-Gross Written Premium (AZN Million), 2013-2022

Figure 21: Azerbaijani General Insurance-Gross Claims (AZN Million), 2013-2022

Figure 22: Azerbaijani General Insurance-Penetration (%), 2013-2017

Figure 23: Azerbaijani General Insurance-Penetration (%), 2017-2022

Figure 24: Azerbaijani General Insurance-Loss Ratio (%), 2013-2017

Figure 25: Azerbaijani General Insurance-Loss Ratio (%), 2017-2022

Figure 26: Azerbaijani Property Insurance-Gross Written Premium (AZN Million), 2013-2022

Figure 27: Azerbaijani Property Insurance-Penetration (%), 2013-2017

Figure 28: Azerbaijani Property Insurance-Penetration (%), 2017-2022

Figure 29: Azerbaijani Property Insurance-Gross Claims (AZN Million), 2013-2022

Figure 30: Azerbaijani Property Insurance-Loss Ratio (%), 2013-2022

Figure 31: Azerbaijani Motor Insurance-Gross Written Premium (AZN Million), 2013-2022

Figure 32: Azerbaijani Motor Insurance-Penetration (%), 2013-2017

Figure 33: Azerbaijani Motor Insurance-Penetration (%), 2017-2022

Figure 34: Azerbaijani Motor Insurance-Gross Claims (AZN Million), 2013-2022

Figure 35: Azerbaijani Motor Insurance-Loss Ratio (%), 2013-2022

Figure 36: Azerbaijani Liability Insurance-Gross Written Premium (AZN Million), 2013-2022

Figure 37: Azerbaijani Liability Insurance-Penetration (%), 2013-2017

Figure 38: Azerbaijani Liability Insurance-Penetration (%), 2017-2022

Figure 39: Azerbaijani Liability Insurance-Gross Claims (AZN Million), 2013-2022

Figure 40: Azerbaijani Liability Insurance-Loss Ratio (%), 2013-2022

Figure 41: Azerbaijani Marine, Aviation and Transit Insurance-Gross Written Premium (AZN Million), 2013-2022

Figure 42: Azerbaijani Marine, Aviation and Transit Insurance-Penetration (%), 2013-2017

Figure 43: Azerbaijani Marine, Aviation and Transit Insurance-Penetration (%), 2017-2022

Figure 44: Azerbaijani Marine, Aviation and Transit Insurance-Gross Claims (AZN Million), 2013-2022

Figure 45: Azerbaijani Marine, Aviation and Transit Insurance-Loss Ratio (%), 2013-2022

Figure 46: Azerbaijani Personal Accident and Health Insurance-Gross Written Premium (AZN Million), 2013-2022

Figure 47: Azerbaijani Personal Accident and Health Insurance-Penetration (%), 2013-2017

Figure 48: Azerbaijani Personal Accident and Health Insurance-Penetration (%), 2017-2022

Figure 49: Azerbaijani Personal Accident and Health Insurance-Gross Claims (AZN Million), 2013-2022

Figure 50: Azerbaijani Personal Accident and Health Insurance-Loss Ratio (%), 2013-2022

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

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 USD Million), 2013-2017

Table 5: Azerbaijani Insurance Industry-Gross Written Premium (AZN Million and USD Million), 2017-2022

Table 6: Azerbaijani Insurance Industry-Density (AZN), 2013-2017

Table 7: Azerbaijani Insurance Industry-Density (AZN), 2017-2022

Table 8: Azerbaijani Insurance Industry-Gross Claims (AZN Million and USD Million), 2013-2017

Table 9: Azerbaijani Insurance Industry-Gross Claims (AZN Million and USD Million), 2017-2022

Table 10: Azerbaijani Life Insurance-Gross Written Premium (AZN Million and USD Million), 2013-2017

Table 11: Azerbaijani Life Insurance-Gross Written Premium (AZN Million and USD Million), 2017-2022

Table 12: Azerbaijani Life Insurance-Gross Claims (AZN Million and USD Million), 2013-2017

Table 13: Azerbaijani Life Insurance-Gross Claims (AZN Million and USD Million), 2017-2022

Table 14: Azerbaijani Individual Life Insurance-Gross Written Premium (AZN Million and USD Million), 2013-2017

Table 15: Azerbaijani Individual Life Insurance-Gross Written Premium (AZN Million and USD Million), 2017-2022

Table 16: Azerbaijani Group Life Insurance-Gross Written Premium (AZN Million and USD Million), 2013-2017

Table 17: Azerbaijani Group Life Insurance-Gross Written Premium (AZN Million and USD Million), 2017-2022

Table 18: Azerbaijani General Insurance-Gross Written Premium (AZN Million and USD Million), 2013-2017

Table 19: Azerbaijani General Insurance-Gross Written Premium (AZN Million and USD Million), 2017-2022

Table 20: Azerbaijani General Insurance-Gross Claims (AZN Million and USD Million), 2013-2017

Table 21: Azerbaijani General Insurance-Gross Claims (AZN Million and USD Million), 2017-2022

Table 22: Azerbaijani Property Insurance-Gross Written Premium (AZN Million and USD Million), 2013-2017

Table 23: Azerbaijani Property Insurance-Gross Written Premium (AZN Million and USD Million), 2017-2022

Table 24: Azerbaijani Property Insurance-Gross Claims (AZN Million and USD Million), 2013-2017

Table 25: Azerbaijani Property Insurance-Gross Claims (AZN Million and USD Million), 2017-2022

Table 26: Azerbaijani Property Insurance-Loss Ratio (%), 2013-2017

Table 27: Azerbaijani Property Insurance-Loss Ratio (%), 2017-2022

Table 28: Azerbaijani Motor Insurance-Gross Written Premium (AZN Million and USD Million), 2013-2017

Table 29: Azerbaijani Motor Insurance-Gross Written Premium (AZN Million and USD Million), 2017-2022

Table 30: Azerbaijani Motor Insurance-Gross Claims (AZN Million and USD Million), 2013-2017

Table 31: Azerbaijani Motor Insurance-Gross Claims (AZN Million and USD Million), 2017-2022

Table 32: Azerbaijani Motor Insurance-Loss Ratio (%), 2013-2017

Table 33: Azerbaijani Motor Insurance-Loss Ratio (%), 2017-2022

Table 34: Azerbaijani Liability Insurance-Gross Written Premium (AZN Million and USD Million), 2013-2017

Table 35: Azerbaijani Liability Insurance-Gross Written Premium (AZN Million and USD Million), 2017-2022

Table 36: Azerbaijani Liability Insurance-Gross Claims (AZN Million and USD Million), 2013-2017

Table 37: Azerbaijani Liability Insurance-Gross Claims (AZN Million and USD Million), 2017-2022

Table 38: Azerbaijani Liability Insurance-Loss Ratio (%), 2013-2017

Table 39: Azerbaijani Liability Insurance-Loss Ratio (%), 2017-2022

Table 40: Azerbaijani Marine, Aviation and Transit Insurance-Gross Written Premium (AZN Million and USD Million), 2013-2017

Table 41: Azerbaijani Marine, Aviation and Transit Insurance-Gross Written Premium (AZN Million and USD Million), 2017-2022

Table 42: Azerbaijani Marine, Aviation and Transit Insurance-Gross Claims (AZN Million and USD Million), 2013-2017

Table 43: Azerbaijani Marine, Aviation and Transit Insurance-Gross Claims (AZN Million and USD Million), 2017-2022

Table 44: Azerbaijani Marine, Aviation and Transit Insurance-Loss Ratio (%), 2013-2017

Table 45: Azerbaijani Marine, Aviation and Transit Insurance-Loss Ratio (%), 2017-2022

Table 46: Azerbaijani Personal Accident and Health Insurance-Gross Written Premium (AZN Million and USD Million), 2013-2017

Table 47: Azerbaijani Personal Accident and Health Insurance-Gross Written Premium (AZN Million and USD Million), 2017-2022

Table 48: Azerbaijani Personal Accident and Health Insurance-Gross Claims (AZN Million and USD Million), 2013-2017

Table 49: Azerbaijani Personal Accident and Health Insurance-Gross Claims (AZN Million and USD Million), 2017-2022

Table 50: Azerbaijani Personal Accident and Health Insurance-Loss Ratio (%), 2013-2017

Table 51: Azerbaijani Personal Accident and Health Insurance-Loss Ratio (%), 2017-2022

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, 2017-2022

Table 68: Azerbaijani Life Insurance-Claims and Expenses, 2013-2017

Table 69: Azerbaijani Life Insurance-Claims and Expenses, 2017-2022

Table 70: Azerbaijani Life Insurance-Individual Life Insurance, 2013-2017

Table 71: Azerbaijani Life Insurance-Individual Life Insurance, 2017-2022

Table 72: Azerbaijani Life Insurance-Individual Life Insurance by Category, 2013-2017

Table 73: Azerbaijani Life Insurance-Individual Life Insurance by Category, 2017-2022

Table 74: Azerbaijani Life Insurance-Group Life Insurance, 2013-2017

Table 75: Azerbaijani Life Insurance-Group Life Insurance, 2017-2022

Table 76: Azerbaijani Life Insurance-Group Life Insurance by Category, 2013-2017

Table 77: Azerbaijani Life Insurance-Group Life Insurance by Category, 2017-2022

Table 78: Azerbaijani General Insurance-Policies and Premium, 2013-2017

Table 79: Azerbaijani General Insurance-Policies and Premium, 2017-2022

Table 80: Azerbaijani General Insurance-Claims and Expenses, 2013-2017

Table 81: Azerbaijani General Insurance-Claims and Expenses, 2017-2022

Table 82: Azerbaijani General Insurance-Property Insurance, 2013-2017

Table 83: Azerbaijani General Insurance-Property Insurance, 2017-2022

Table 84: Azerbaijani General Insurance-Property Insurance by Category, 2013-2017

Table 85: Azerbaijani General Insurance-Property Insurance by Category, 2017-2022

Table 86: Azerbaijani General Insurance-Motor Insurance, 2013-2017

Table 87: Azerbaijani General Insurance-Motor Insurance, 2017-2022

Table 88: Azerbaijani General Insurance-Motor Insurance by Category, 2013-2017

Table 89: Azerbaijani General Insurance-Motor Insurance by Category, 2017-2022

Table 90: Azerbaijani General Insurance-Liability Insurance, 2013-2017

Table 91: Azerbaijani General Insurance-Liability Insurance, 2017-2022

Table 92: Azerbaijani General Insurance-Marine, Aviation and Transit Insurance, 2013-2017

Table 93: Azerbaijani General Insurance-Marine, Aviation and Transit Insurance, 2017-2022

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, 2017-2022

Table 96: Azerbaijani General Insurance-Personal Accident and Health Insurance, 2013-2017

Table 97: Azerbaijani General Insurance-Personal Accident and Health Insurance, 2017-2022

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, 2017-2022

Table 100: Insurance Industry Definitions

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to sales [@] kenresearch.com
 

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 si?orta JSC

Mega Insurance OJSC

select a license
Single User License
USD 1450 INR 100050
Site License
USD 2900 INR 200100
Corporate User License
USD 4350 INR 300150

NEWSLETTER BY CATEGORY




Testimonials

The report was very informative and gives me an interesting view on the Indian market....

We would like to thank the entire team of Ken Research in showcasing professionalism in research and quick turnaround time. We have had multiple research reports from Ken Research. The deadline communicated for research was duly met. The research reports were covering many aspects in detail. This showcases their endeavor and care for client satisfaction and a strong understanding of the clients’ requirements. Thank you again for your help...

I appreciate their diligence and determination in customizing the research project. The data proves to be valuable and accurate. I would, in future, definitely use their services again...

I would like to thank Ken research team for meeting our report deliverables. The report is very good and we appreciate your well cooperation. ...

The research you conducted was very helpful for us and the integrity of your research approach gave us great confidence in the data. Look forward to collaborating again in future...



Ken Research Private Limited, Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49
     Gurgaon, Haryana - 122001, India

download

Company Brochure

Engage with Us

sales [@] kenresearch.com