Azerbaijan insurance market problems and prospects
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Azerbaijan Insurance Market: Problems and Prospects . Azerbaijan Insurance Forum Chingiz Mekhtiyev. General Information. Establishment: 28 May 1918 Independence: 18 October 1991 Official Language: Azerbaijanian Political system: Presidential

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Azerbaijan insurance market problems and prospects l.jpg

Azerbaijan Insurance Market:Problems and Prospects

Azerbaijan Insurance Forum

ChingizMekhtiyev


General information l.jpg
General Information

Establishment: 28 May 1918

Independence: 18 October 1991

Official Language: Azerbaijanian

Political system: Presidential

Republic

Area: 86.6 ths. sq. km.

Population: 9 million

Capital: Baku

Autonomous Republic:

Nakhchivan

Currency: Manat *


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Macroeconomic figures

2010

GDP growth rate 5 %

GDP per capita ($) 5,697

Investments ($) 17.3 bln

FDI ($) 3.3 bln

Inflation 5.7 %

Unemployment rate 6%

Poverty level 9.1%

Average monthly salary ($) 406

Source: Azerbaijan Export and Import Promotion Foundation


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Economic Reforms

Methodology

T h e b i g g e s t

j u m p e v e r

r e c o r d e d b y

D o i n g

B u s i n e s s

R e p o r t

The Doing Business project

provides objective measures of business regulations and

their enforcement across 183 economies and selected

cities at the subnational and regional level.


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Country ratings

  • 2010

  • Long term credit rating: “BBB-” (Investment grade)

  • Short term credit rating: “F3”

  • UNDP Human Development report - 69

WEF Global Competitiveness Report 2010-2011

– 57 among world and 1st among CIS countries




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Economy / insurance industry after crisis

  • Economic growth slowdown

  • Steep decrease in banking crediting operations(motor, property etc)

  • Foreign trade operations decreased (cargo insurance)

  • Big construction projects delayed (construction insurance)

  • Decrease in establishment of new businesses (entities)

  • Decrease in investment in economy

  • Low crude oil prices



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Minimum capital requirement (AZN)

Before crisis

After crisis






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2011 (4month) Premiums (mln USD)

  • 17,44%

  • 0,5%

  • 0,95%

  • 99,5%

  • 99,05%

  • 82,56%


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Voluntary and Compulsory Insurance

  • 8,78% growth

  • 80%

  • 72%

  • 81%z

  • 87,29% growth

  • 28%

  • 20%

  • 19%








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Recent year Industry Developments

  • New law on Insurance (2008)

  • Increase in capital requirements for Insurers

  • Adoption of “Compulsory PA and Professional Deceases Insurance” Law (December 2010)

  • Adoption of law regarding exemption from income tax of Insurers for the purpose of capitalization stimulation for financial sector (2009)

  • Elimination of restriction for foreign insurance companies in share capital participation of insurance companies (2008)

  • Adoption of Standard Motor Insurance Conditions for the whole Market (2011)

  • Adoption of new law on compulsory insurance (which includes compulsory property insurance, passenger insurance, Motor TPL, Property TPL ) (2011)


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Perspectives

  • Development of life insurance

  • Development of compulsory insurance system

  • Improvement of insurance culture

  • Increase in capitalization of insurance companies



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