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“Report”: Azerbaijan’s insurance market to grow by 30% at year-end - ANALYSIS

“Report”: Azerbaijan’s insurance market to grow by 30% at year-end - ANALYSIS
Negative tendency in growth of market has been continuing for five months

Baku. 30 October. REPORT.AZ/ Azerbaijan’s insurance market has been declining for five months, Report informs citing the Financial Markets Supervisory Authority (FIMSA).

According to FIMSA, 21 insurers collected AZN 568.5 million in January-September 2018, up 37.2% from the previous year. This growth made up 40.1% in January-August, 42.4% in January-July, 43.5% in January-June, 46.1% in January-May, 55.2% in January-April, 28.2% in January-March, 25.4% in January-February and 17% in January.

As can be seen, the tendency of growth was positive in the first four months, negative from 5th to 9th months. Sharp increase in January-April was caused by high insurance premiums in April. The insurers collected AZN 108 million premiums, up 2.4-fold from the previous year. Since early 2018, the average monthly premium made up AZN 63 million. In general, the growth rate in the insurance market is descending.

Report’s analytical group thinks that this tendency will continue by the end of this year., The growth will be 35% in January-October, 32-33% in January-November and 30% in January-December. 

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