The Insurance Industry in Azerbaijan, Key Trends and Opportunities to 2018

Published: May, 2014 | Pages: 142 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

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.
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.
Reason 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.
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.

 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 Azerbaijani Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.1.1 Individual life insurance
4.1.2 Individual endowment insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Persol Accident and Health Insurance
4.3.1 Persol accident insurance
4.3.2 Health insurance
4.3.3 Travel insurance
4.4 Reinsurance
5 Governce, Risk and Compliance
1.1 Legislation Overview and Historical Evolution
1.2 Legislation and Market Practice by Type of Insurance
1.2.1 Life insurance
1.2.2 Property insurance
1.2.3 Motor insurance
1.2.4 Liability insurance
1.2.5 Marine, aviation and transit insurance
1.2.6 Persol accident and health insurance
1.3 Compulsory Insurance
1.3.1 Real estate insurance
1.3.2 Motor third-party liability insurance
1.3.3 Passenger insurance in respect of all public transport by road, air, rail or sea
1.3.4 Workers' compensation insurance
1.4 Supervision and Control
1.4.1 Intertiol Association of Insurance Supervisors (IAIS)
1.4.2 The Ministry of Fince
1.5 Non-Admitted Insurance Regulations
1.5.1 Overview
1.5.2 Intermediaries
1.5.3 Market practices
1.5.4 Fines and pelties
1.6 Company Registration and Operations
1.6.1 Types of insurance organization
1.6.2 Establishing a local company
1.6.3 Foreign ownership
1.6.4 Types of license
1.6.5 Capital requirements
1.6.6 Solvency margins
1.6.7 Reserve requirements
1.6.8 Investment regulations
1.6.9 Statutory return requirements
1.6.10 Fee structure
1.7 Taxation
1.7.1 Insurance premium or policy taxation
1.7.2 Withholding taxes on premium paid overseas
1.7.3 Corporate tax
1.7.4 VAT
1.7.5 Captives
1.8 Legal System
1.8.1 Introduction
1.8.2 Access to court
1.8.3 Altertive dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 PASHA S??orta Joint Stock Company - company overview
6.2.2 AzS??orta Joint Stock Company - company overview
6.2.3 Ateshgah S??orta Shirketi Joint Stock Company - company overview
6.2.4 AzerS??orta State Insurance Commercial Company - company overview
6.2.5 Standard Insurance Joint Stock Company - company overview
7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP per Capita at Constant Prices (US$)
7.3 GDP at Current Prices (US$)
7.4 GDP per Capita at Current Prices (US$)
7.5 Inflation Rate
7.6 Exports as a Percentage of GDP
7.7 Imports as a Percentage of GDP
7.8 Total Internet Subscribers
7.9 Labor Force
7.1 Unemployment Rate
7.11 Total Population
7.12 Urban and Rural Populations
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Azerbaijani Insurance - Overall Written Premium by Segment (AZN Million), 2009-2013
Table 3: Azerbaijani Insurance - Overall Written Premium by Segment (US$ Million), 2009-2013
Table 4: Azerbaijani Insurance - Overall Written Premium by Segment (AZN Million), 2013-2018
Table 5: Azerbaijani Insurance - Overall Written Premium by Segment (US$ Million), 2013-2018
Table 6: Azerbaijani Insurance - Segmentation (% Share), 2009-2018
Table 7: Azerbaijani Life Insurance - Written Premium by Category (AZN Million), 2009-2013
Table 8: Azerbaijani Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 9: Azerbaijani Life Insurance - Written Premium by Category (AZN Million), 2013-2018
Table 10: Azerbaijani Life Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 11: Azerbaijani Life Insurance - Paid Claims (AZN Million), 2009-2013
Table 12: Azerbaijani Life Insurance - Paid Claims (AZN Million), 2013-2018
Table 13: Azerbaijani Life Insurance - Incurred Loss (AZN Million), 2009-2013
Table 14: Azerbaijani Life Insurance - Incurred Loss (AZN Million), 2013-2018
Table 15: Azerbaijani Life Insurance - Loss Ratio (%), 2009-2013
Table 16: Azerbaijani Life Insurance - Loss Ratio (%), 2013-2018
Table 17: Azerbaijani Life Insurance - Combined Ratio (%), 2009-2013
Table 18: Azerbaijani Life Insurance - Combined Ratio (%), 2013-2018
Table 19: Azerbaijani Life Insurance - Retentions (AZN Million), 2009-2013
Table 20: Azerbaijani Life Insurance - Retentions (AZN Million), 2013-2018
Table 21: Azerbaijani Individual Life Insurance - Written Premium (AZN Million), 2009-2013
Table 22: Azerbaijani Individual Life Insurance - Written Premium (AZN Million), 2013-2018
Table 23: Azerbaijani Individual Endowment Insurance - Written Premium (AZN Million), 2009-2013
Table 24: Azerbaijani Individual Endowment Insurance - Written Premium (AZN Million), 2013-2018
Table 25: Azerbaijani Non-Life Insurance - Written Premium by Category (AZN Million), 2009-2013
Table 26: Azerbaijani Non-Life Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 27: Azerbaijani Non-Life Insurance - Written Premium by Category (AZN Million), 2013-2018
Table 28: Azerbaijani Non-Life Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 29: Azerbaijani Non-Life Insurance - Paid Claims (AZN Million), 2009-2013
Table 30: Azerbaijani Non-Life Insurance - Paid Claims (AZN Million), 2013-2018
Table 31: Azerbaijani Non-Life Insurance - Incurred Loss (AZN Million), 2009-2013
Table 32: Azerbaijani Non-Life Insurance - Incurred Loss (AZN Million), 2013-2018
Table 33: Azerbaijani Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 34: Azerbaijani Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 35: Azerbaijani Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 36: Azerbaijani Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 37: Azerbaijani Non-Life Insurance - Retentions (AZN Million), 2009-2013
Table 38: Azerbaijani Non-Life Insurance - Retentions (AZN Million), 2013-2018
Table 39: Azerbaijani Property Insurance - Written Premium (AZN Million), 2009-2013
Table 40: Azerbaijani Property Insurance - Written Premium (AZN Million), 2013-2018
Table 41: Azerbaijani Motor Insurance - Written Premium (AZN Million), 2009-2013
Table 42: Azerbaijani Motor Insurance - Written Premium (AZN Million), 2013-2018
Table 43: Azerbaijani Liability Insurance - Written Premium (AZN Million), 2009-2013
Table 44: Azerbaijani Liability Insurance - Written Premium (AZN Million), 2013-2018
Table 45: Azerbaijani Marine, Aviation and Transit Insurance - Written Premium (AZN Million), 2009-2013
Table 46: Azerbaijani Marine, Aviation and Transit Insurance - Written Premium (AZN Million), 2013-2018
Table 47: Azerbaijani Persol Accident and Health Insurance - Written Premium by Category (AZN Million), 2009-2013
Table 48: Azerbaijani Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2009-2013
Table 49: Azerbaijani Persol Accident and Health Insurance - Written Premium by Category (AZN Million), 2013-2018
Table 50: Azerbaijani Persol Accident and Health Insurance - Written Premium by Category (US$ Million), 2013-2018
Table 51: Azerbaijani Persol Accident and Health Insurance - Paid Claims (AZN Million), 2009-2013
Table 52: Azerbaijani Persol Accident and Health Insurance - Paid Claims (AZN Million), 2013-2018
Table 53: Azerbaijani Persol Accident and Health Insurance - Incurred Loss (AZN Million), 2009-2013
Table 54: Azerbaijani Persol Accident and Health Insurance - Incurred Loss (AZN Million), 2013-2018
Table 55: Azerbaijani Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 56: Azerbaijani Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 57: Azerbaijani Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 58: Azerbaijani Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 59: Azerbaijani Persol Accident and Health Insurance - Retentions (AZN Million), 2009-2013
Table 60: Azerbaijani Persol Accident and Health Insurance - Retentions (AZN Million), 2013-2018
Table 61: Azerbaijani Persol Accident Insurance - Written Premium (AZN Million), 2009-2013
Table 62: Azerbaijani Persol Accident Insurance - Written Premium (AZN Million), 2013-2018
Table 63: Azerbaijani Health Insurance - Written Premium (AZN Million), 2009-2013
Table 64: Azerbaijani Health Insurance - Written Premium (AZN Million), 2013-2018
Table 65: Azerbaijani Travel Insurance - Written Premium (AZN Million), 2009-2013
Table 66: Azerbaijani Travel Insurance - Written Premium (AZN Million), 2013-2018
Table 67: Azerbaijani Reinsurance Ceded by Insurance Segment (AZN Million), 2009-2013
Table 68: Azerbaijani Reinsurance Ceded by Insurance Segment (US$ Million), 2009-2013
Table 69: Azerbaijani Reinsurance Ceded by Insurance Segment (AZN Million), 2013-2018
Table 70: Azerbaijani Reinsurance Ceded by Insurance Segment (US$ Million), 2013-2018
Table 71: Azerbaijani Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 72: Azerbaijani Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 73: Azerbaijani Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 74: Azerbaijani Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 75: Azerbaijani Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 76: Azerbaijani Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 77: Azerbaijan - Life Insurance Regulatory Framework
Table 78: Azerbaijan - Property Insurance Regulatory Framework
Table 79: Azerbaijan - Motor Insurance Regulatory Framework
Table 80: Azerbaijan - Liability Insurance Regulatory Framework
Table 81: Azerbaijan - Minimum Capital Requirements
Table 82: Azerbaijan - License Fees
Table 83: Azerbaijan - Corporate Tax Rate for the Fincial Year 2013
Table 84: Azerbaijani Insurance - Market Shares (%), 2012
Table 85: PASHA S??orta Joint Stock Company, Main Products
Table 86: PASHA S??orta Joint Stock Company, Key Employees
Table 87: AzS??orta Joint Stock Company, Main Products
Table 88: Ateshgah S??orta ?irketi Joint Stock Company, Main Products
Table 89: Ateshgah S??orta ?irketi Joint Stock Company, Key Employees
Table 90: AzerS??orta State Insurance Commercial Company, Main Products
Table 91: AzerS??orta State Insurance Commercial Company, Key Employees
Table 92: Standard Insurance Joint Stock Company, Main Products
Table 93: Standard Insurance Joint Stock Company, Key Employees