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CAUCASUS INSURANCE MARKET

CAUCASUS INSURANCE MARKET. AIIF 2012 Chingiz Mekhtiyev. CAUCASUS REGION. General Information. Source : The State Statistical Committee of the  Republic of Azerbaijan, National Statistics Office of Georgia, Statistical Service of Republic of Armenia. Macroeconomic figures (in USD).

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CAUCASUS INSURANCE MARKET

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  1. CAUCASUS INSURANCE MARKET AIIF 2012 ChingizMekhtiyev

  2. CAUCASUS REGION

  3. General Information Source: The State Statistical Committee of the  Republic of Azerbaijan, National Statistics Office of Georgia, Statistical Service of Republic of Armenia

  4. Macroeconomic figures (in USD) Source: Azerbaijan Export and Import Promotion Foundation, www.indexmundi.com, World Bank, Central banks of respective countries

  5. GDP in South Coucasus (bln USD) The State Statistical Committee of the  Republic of Azerbaijan, World Bank

  6. GDP Share in South Caucasus (%) The State Statistical Committee of the  Republic of Azerbaijan, World Bank

  7. GDP per Capita (in USD) The State Statistical Committee of the  Republic of Azerbaijan, World Bank

  8. Country ratings Fitch Rating Standard&Poors Rating Moody’s Investors Service

  9. Country ratings WEF Global Competitiveness Report 2011 Human Development Report 2010

  10. Market Players

  11. Total Assets of Insurance companies (mln. USD) Source: Ministry of Finance of Azerbaijan Republic, National Bank of Georgia, Central bank of Armenia

  12. Paid-up capital (mln USD) 62% Source: Ministry of Finance of Azerbaijan Republic, National Bank of Georgia, Central bank of Armenia

  13. Gross Written Premium 2011 (mln USD) - 7% Source: Ministry of Finance of Azerbaijan Republic, National Bank of Georgia,, XPRIMM

  14. 2012 (1st Quarter) Premiums (mlnUSD) 67% 57% Source: Ministry of Finance of Azerbaijan Republic, National Bank of Georgia

  15. GWP per capita and GWP to GDP

  16. GWP in Caucasus 2011 (mln USD)

  17. Loss ratio (2011) Source: XPRIMM, Ministry of Finance of Azerbaijan Republic

  18. GWP Structure(2011) Azerbaijan Source: XPRIMM, Ministry of Finance of Azerbaijan Republic

  19. Summary

  20. Weaknesses • Very young market • Bad history of former USSR insurance system • Narrow spectrum of services • Lack of modern sales technology • Lack of sophisticated IT platforms • Lack of corporate governance • Territory geographically is prone to CAT risks / Lack of CAT cover • Price sensitive market • Low self retention (capacity) of Insurers • Political instability in the region

  21. Strength • New market with big growth opportunity • Well educated professionals speaking at least 3 languages • Big energy and infrastructure projects • Adoption of compulsory insurance laws • Tax discounts for life insurance • No VAT applied for insurance services • Good loss ratio • Gradual increase of capitalization • Update of legislative acts

  22. Challenges and Opportunities • Low market penetration • Huge growth potential • Investment in Internet sales • Investment in information recourses • Investment in skilful management • Investment in core systems • Development of predictive modeling and advance analytics • Anticipate regulatory changes • Working on reshaping products and services and distribution channels

  23. THANK YOU !!!

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