Azerbaijan Insurance Industry Key Trends and Opportunities to 2018

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Synopsis

The report provides in-depth industry 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
• Challenges facing the Azerbaijani insurance industry
• The detailed regulatory framework of the Azerbaijani insurance industry

Summary

The Azerbaijani insurance industry has significant growth potential. The gross written premium registered by the industry increased during the review period. As of 2012, 29 insurers and one reinsurer operated in the country's insurance industry. The minimum capital requirements for insurers and reinsurers is AZN5 million (US$6.4 million) and AZN10 million (US$12.7 million) respectively. The industry is moderately concentrated, with the 10 leading insurers accounting for 75% of premiums in 2012. Despite accounting for a small share of premiums, the life segment's share grew rapidly during the review period.

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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 2009-2013 review period and projected figures for the 2013-2018 forecast period.
• It offers a detailed analysis of the key segments and categories in the Azerbaijani insurance industry, along with forecasts until 2018.
• 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.

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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 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.

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Key Highlights

• The industry is moderately concentrated, with the 10 leading insurers accounting for 75% of premiums in 2012.
• The oil and gas sector contributes a considerable proportion of revenues to government finances.
• There are a number of compulsory insurance types in Azerbaijan, including immoveable property, the utilization of immoveable property, motor third-party liability, and coverage for occupational accidents and illnesses.
• In January 2014, the Ministry of Finance unveiled a draft proposal to increase minimum capital requirements for insurers and reinsurers. According to the proposal, the capital requirements for the non-life insurers is to remain the same. However, for existing life insurers who wish to keep the window of reinsurance business open and reinsurers, both existing and new, the minimum capital will increase.
• Azerbaijani insurers who do not capitalize on the wide range of compulsory insurance types by developing suitable product and pricing strategies are subsequently dependent on banks to meet capital requirements.

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