The Motor Insurance Development Tendency in Azerbaijan. Romania, Azer A.Aliyev Executive director
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1 The Motor Insurance Development Tendency in Azerbaijan Romania, 2012 Azer A.Aliyev Executive director
2 CONTENT: About Azerbaijan Azerbaijan Insurance market overview Insurance Legislation Motor Insurance Compulsory Insurance Bureau Existing problems
3 GENERAL INFORMATION Establishment: 28 May 1918 Currency: Manat Independence: 18 October 1991 Capital: Baku Official Language: Azerbaijanian Population: 9 million Area: 86.6 ths. sq. km. Political system: Presidential Republic
4 MACROECONOMIC FIGURES mln $ GDP $ GDP per Capita Azerbaijan mln $ Investments 5.5% Unemployment Rate 7.9% Inflation
5 COUNTRY RATINGS
6 GDP PER CAPITA & INFLATION RATE (mln USD) 2 471, ,7 16,7% 5 603,3 20,8% 5 018, , ,4 8,3% ,5% ,7% 7,9% 2011
7 MARKET PLAYERS Insurance Non Life Companies Insurance Brokers Insurance Life Companies Reinsurance Companies April 2012
8 MAIN MARKET PLAYERS 2 representatives of foreign IC 6 Brokers AZERBAYCAN INSURANCE MARKET 23 Non-life companies 1 Reinsurance company 3 life insurance companies
9 INSURANCE PREMIUMS (mln USD) % % 15% 21% Premium growth (%) % % 2011 The main reasons for 72.8 mln $ (37%) premiums increase in 2011 are: - life 25.8 mln $ - auto 10.6 mln $ - medical 6.4 mln $ - others 30 mln $
10 STRUCTURE OF INSURANCE PREMIUMS (mln USD) 1,1 (0,5%) 1,8 (0,9%) 28,6 (10,6%) 206 (99,5%) (99,1%) (89,4%) Non-Life Life
11 VOLUNTARY AND COMPULSORY INSURANCE (MLN USD) 66 (24%) 38 (18%) 40 (20%) 169 (82%) (80%) (76%) Voluntary insurance 2011 Compulsory insurance
12 INSURANCE PREMIUM STRUCTURE, 2011 Motor (56,9 Mln $) 6% 6% 1% 14% 21% 15% Compulsory (40,6 Mln $) Property (37,7 Mln $) Medical (36 Mln $) Life (27,6 Mln $) 10% Liability (16,4 Mln $) 13% 14% Cargo (16,2 Mln $) Motor 3d party Liability (1,4 Mln $) Other (37,1 Mln $) TOTAL 270 Mln $
13 INSURANCE PREMIUM STRUCTURE, % 47% 71% 88% Total premium TOP 5 TOP 10 TOP 15
14 INSURANCE LEGISLATION Main laws that affected the development of Azerbaijan insurance market: Insurance Activity Law, that was adopted on 2008 Compulsory Accident at Work Law, adopted on 2010 Compulsory Insurance Law, adopted on 2011 compulsory real property insurance compulsory 3d party liability insurance in motor vehicles compulsory 3d party liability insurance with use of real property compulsory personal accident insurance of passengers
15 $ mln. MOTOR INSURANCE (VOLUNTARY CAR INSURANCE) Premiums gathered 2011 Claims paid
16 $ mln. MOTOR INSURANCE (3D PARTY LIABILITY IN MOTOR VEHICLES) 0,33 0,12 0,34 1,36 1,39 1, Premiums gathered 2011 Claims paid Only during January April 2012 the market gathered mln $ on this type of insurance
17 COMPULSORY INSURANCE BUREAU Compulsory Insurance Bureau Created organized by Insurance regulator and Insurance companies New legislation in force, regulating MTPL product and administration All participants must use central IT system for Policy issue process and Claims data submission From 2013 Bonus-Malus system will start to work
18 COMPULSORY INSURANCE BUREAU Online system, all policies are issued from central system in REAL-TIME! Insurance companies can use web interface or integrate with Compulsory Insurance Bureau system Public Services possibility to check policy via web page or sms Integrations with state registers in process Plan to add all mandatory insurance products in system
19 EXISTING PROBLEMS YOUR TEXT HERE Luck of experience working on retail market (absence of the extensive agent network, weak insurance propaganda among population) YOUR TEXT HERE Luck of a single strategy directed to the popularization of the obligatory and voluntary insurance between all market players, both government and commercial organizations? YOUR TEXT HERE Luck of professional insurance education YOUR TEXT HERE Luck of a long-term development strategies inside the companies
20 The 3-d Azerbaijan International Insurance Forum organizers Azerbaijan Insurers Association with the support of the State Insurance Supervision Service under the Ministry of Finance of the Republic of Azerbaijan and Media XPRIMM Romanian PR company. The main theme of the Forum is: Trends and prospects on the insurance market of the Caucasus Region. Investment and reinsurance opportunities. Expected number of guests at the Forum about 200. The 3-d Azerbaijan International Insurance Forum will be held 4-5 July 2012 in Jumeirah Bilgah Beach Hotel in Baku
21 THANK YOU
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