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Current state of Azerbaijan Life Insurance market, trends and perspectives. IV Azerbaijan International Insurance Forum - AIIF 20-21 June , 2013 Baku , “Jumeirah Bilgah Beach Hotel”. Life Insurance companies of Azerbaijan.

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Current state of Azerbaijan Life Insurance market, trends and perspectives


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current state of azerbaijan life insurance market trends and perspectives

Current state of Azerbaijan Life Insurance market, trends and perspectives

IV Azerbaijan International Insurance Forum - AIIF

20-21 June, 2013

Baku, “Jumeirah Bilgah Beach Hotel”

life insurance companies of azerbaijan
Life Insurance companies of Azerbaijan

Since March, 2008, due to new legislation in insurance, all insurers should operate only in life or non-life (general insurance) insurance.

The life insurance companies licensed from:

PASHA Life -February, 2011

Ateshgah Life - 2009

Qala Life - November, 2010

life insurance products
Life Insurance products
  • Mainly offered life insurance products in the local market:
  • Compulsory life insurance (Law of Azerbaijan Republic on compulsory insurance in case of professional disability as a result of industrial accidents and professional diseases)
  • Term life Insurance
  • Endowment life Insurance
  • Critical diseases
  • Key men life insurance
  • Borrowers life insurance
structure of life insurance collection in azerbaijan 2012
Structure of Life Insurance collection in Azerbaijan (2012)

Total collected premiums –46,896 mln. USD

Compulsory life insurance – 27,653 mln. USD

Voluntary life insurance – 19,243 mln. USD

As a percentage of GDP -0,07 %

insurance market of azerbaijan t otal collected premium january may 2013
Insurance market of AzerbaijanTotal collected premium (January-May 2013)

Life insurance - 41,888 millions USD

None life insurance - 173,117 millions USD

Total - 215,005 millions USD

global insurance market in 2011
Global Insurance Market in 2011

According to the Swiss Re report,

Total insurance premiums collected– 4,6 trln. USD

Percentage share of global GDP– 6,6%

Global Life Insurance premium collected– 2,62 trln. USD

The share of total insurance premium collected by the Life Insurance- 57%

The share of Life Insurance GDP in developed countries - 4-7%

gross domestic product 2012
Gross Domestic Product (2012)
  • Azerbaijan
  • The share of GDP per capital (per person)– 7490 USD
  • The average monthly salary– 494 USD
  • Developed countries
  • The share of GDP per capital (per person) – 40000-100000 USD
  • Approximate average monthly salary – 2000-6000 USD
life insurance cost in different countries per year
Life insurance cost in different countries (peryear)

According to “Allianz” report;

German citizen – 1042 Euro

U.S. citizen – 1270 Euro

Japanese citizen – 2183 Euro

Azerbaijani citizen– 4 Euro

factors that may contribute to the development of life insurance
Factors that may contribute to thedevelopment of life insurance

Development of new profitable voluntary insurance products

Strengthening of marketing activities by insurance companies

Strengthening of the population educating process about insurance products

The launch of various projects promoting insurance in media and etc.

The establishment of training centers for the insurance professionals preparation.

the real growth potential of life insurance market of azerbaijan
The real growth potential of lifeinsurance market of Azerbaijan
  • The total life insurance market might grow 400-500% within next 3 years due to:
  • Bank assurance, new business companies, none oil sector of economy and etc.
  • Voluntary life insurance products might grow 300% within next 3 yearsdueto:
  • Mainly, potential customers are financial institutions (commercial banks, insurance, leasing companies and etc.), state organizations, other business structures
thanks
Thanks!!!

We are looking forward to see you in the “traditional Azeri evening” party tomorrow- 21 June 2013, at 8:00 pm organized by “PASHA Life Insurance” OJSC!