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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.

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Current state of Azerbaijan Life Insurance market, trends and perspectives

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  1. 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”

  2. 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

  3. 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

  4. Life Insurance market of Azerbaijan Insurance premium (2012)

  5. 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 %

  6. Life Insurance market of Azerbaijan Claims paid (2012)

  7. 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

  8. Life Insurance market of AzerbaijanInsurance premium (January – May, 2013)

  9. Share capital value of Life Insurance companies of Azerbaijan (01 June, 2013)

  10. Share capital value of Life Insurance companies of Azerbaijan

  11. 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%

  12. GDP figures of Caucasus states (2012)

  13. 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

  14. 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

  15. 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.

  16. 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

  17. 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!

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