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Azerbaijan

Azerbaijan

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Azerbaijan Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Azerbaijan includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Azerbaijan can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Regulatory Alerts Market Profiles Global Statistics Insight Compliance Compliance Point Clinical Trials Axco API Insight Risk Manager

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT+4
Baku
AZN
10.01 mn
2.73%
6.21%
400.5
0.84

Azerbaijan's non-life market could be considered a small to medium-sized emerging market. As in some other post-Soviet economies, insurance culture and product penetration remains quite low, especially in the consumer segment, but in 2018 the market was beginning to show signs of recovery after four years constrained by tough macro-economic conditions such as low oil prices, restricted bank lending, and currency devaluation.

The market premium depends primarily on the compulsory classes of property and MTPL as well as voluntary premiums across all classes related to the major corporate business in the oil, gas, energy, real estate and construction sectors. At 1 November 2018, there were 21 licensed insurers in the market, three life and 18 non-life, plus one specialist local reinsurer.  The development of the insurance market under the country’s regulator, FIMSA, is featured in the Strategic Roadmap for Development of Financial Services in the Republic of Azerbaijan which was published on 14 December 2016.

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