Azerbaijan
AZERBAIJAN: new rules in insurance will allow to provide better services
The Central Bank of Azerbaijan (CBA) has adopted new rules in insurance, which are to increase the level of satisfaction of policyholders, Trend reports according to Vusal GURBANOV, director of the CBA's insurance control department.
27 September 2022AZERBAIJAN: from January to July, paid claims of 13 out of 20 insurance companies increased y-o-y
According to the results of January-July 2022, paid claims of 13 out of 20 insurance companies in Azerbaijan increased compared to the same period last year, ABC.AZ wrote referring to the report of the Central Bank.
31 August 2022AZERBAIJAN: from January to July, compulsory health insurance increased by more than 40% y-o-y
For seven months of this year, from January to July, compulsory health insurance increased by 40.5% compared to the same period last year, up to AZN 458.6 million (~EUR 263.56 million). The forecast was fulfilled by 103.3%, Trend wrote.
18 August 2022STATISTICS: AZERBAIJAN, 1H2022: the market growth is supported by life insurance, which jumped by 27% y-o-y
In the first half of 2022, the insurance sector of Azerbaijan grew by 8.67% to AZN 491.60 million (EUR 276.63 million). At the same time, paid claims fell by more than 29%, reaching AZN 174.92 million (EUR 98.43 million), according to statistics published by the National Bank.
11 August 2022AZERBAIJAN: PASHA Life's business expands 31% y-o-y in the second quarter
PASHA Life Insurance, the leading life insurer in Azerbaijan, continued to maintain its leading position in the second quarter of 2022 with a total capital of AZN 57.8 million (~EUR 32.47 million). The company's total assets amounted to AZN 495 million, Trend wrote.
3 August 2022AZERBAIJAN: in the first half of the year compulsory health insurance increased by 44.4%
From January to June 2022, compulsory health insurance in Azerbaijan increased by 44.4% compared to the same period last year, reaching AZN 385.78 million (EUR 216.73 million), Trend.wrote.
22 July 2022AZERBAIJAN: proposals made to expand the list of objects of agricultural insurance
Several proposals to expand the list of objects of agricultural insurance have been presented to the government of Azerbaijan, Trend wrote referring to the insurance expert Kamran BABAYEV.
12 July 2022AZERBAIJAN: 82% of GWP for January-May collected by 5 insurers
For the period from January to May 2022, GWP of insurers amounted to AZN 426.63 million (EUR 234.41 million). At the same time, AZN 349.98 million or 82% were collected by 5 insurance companies, abc.az wrote.
29 June 2022AZERBAIJAN: the National Green Card Bureau of Azerbaijan accepted as a full member of CoB
The transitional status of the National Green Card Bureau of Azerbaijan was terminated and the Bureau was accepted as a full member of CoB, said Rashad AHMADOV, Executive Director at National Green Card Bureau of Azerbaijan and Executive Director at Compulsory Insurance Bureau of Azerbaijan, on social media.
15 June 2022STATISTICS: AZERBAIJAN, 1Q2022: market growth supported by life insurance, which generated almost 41% of the portfolio
Azerbaijan's insurance sector ended the first quarter of 2022 with a 3.79% growth, reaching AZN 258.42 million (EUR 136.19 million). At the same time, a more favorable exchange rate of the manat vs euro allowed the market to grow by 8.84% in European currency, according to the statistics published by the National Bank.
31 May 2022AZERBAIJAN: Turkic World Insurance Union has been established
At the meeting of International Insurance Conference in Turkey's Istanbul on May 24, the Turkic World Insurance Union has been established following the agreement signed, Trend reports referring to the Azerbaijan Insurers Association.
26 May 2022AZERBAIJAN: net profit of insurers in 2021 decreased by more than 27% y-o-y
In 2021, net profit of the insurance sector of Azerbaijan amounted to AZN 66.04 million (~EUR 34.27 million), which is 27.8% less than in 2020. In the reporting period, the insurance sector's income decreased by 6.7% to AZN 923.64 million, ABC.AZ reports citing Interfax.
19 May 2022AZERBAIJAN: PASHA Life maintains a leading position in the market; A-Group's quarterly growth exceeded 18%
PASHA Life, the leading life insurer in Azerbaijan, according to the results for the first quarter of 2022, maintains growth trends and a leading position in the country's insurance market, Trend reports.
10 May 2022AZERBAIJAN: in January-March, 5 insurers accounted for more than 81% of GWP and over 75% of all paid claims
In January-March 2022, 5 insurance companies generated AZN 210.73 million (~EUR 112 million) or 81.55% of the total GWP in Azerbaijan, ABC.AZ reports.
3 May 2022AZERBAIJAN: GWP of A-Group for the first quarter of 2022 increased by 18% y-o-y
GWP growth of the insurance company A-Qroup for the first quarter of 2022 amounted to 18%. According to the insurer, total volume of premiums from January to March reached AZN 4.86 million (~EUR 2.58 million), Trend reports.
27 April 2022AZERBAIJAN: mandatory state social insurance increased by 17% from January to March
For the period from January to March 2022, premiums on mandatory state social insurance in Azerbaijan amounted to AZN 1.47 billion (EUR 0.78 billion), which means an increase of 17% y-o-y, Trend reports.
19 April 2022AZERBAIJAN: in January-February the market rose 11% y-o-y
For the first two months of 2022, GWP of 20 insurance companies in Azerbaijan amounted to AZN 178.30 million (~EUR 93.65 million*), which is 11.1% more y-o-y. At that the insurers collected AZN 143.13 million (+21.6%) in voluntary insurance, ABC.AZ reports citing the Central Bank's figures.
4 April 2022Insurance market in Azerbaijan may see rising insurance prices because of the war in Ukraine
Azerbaijani insurance market may expect a rise in insurance prices in the near future, as a result of local insurers being forced to acquire more expensive reinsurance coverage on the European market, Ugur Ibrahimli, CEO at Mega Life Insurance noted in an article published on LinkedIn.
31 March 2022AZERBAIJAN: digitalization of three more types of compulsory insurance is planned
In Azerbaijan it is planned to digitalize compulsory real estate insurance, compulsory civil liability insurance related to the use of the real estate, as well as compulsory personal accident insurance for passengers, Trend reports according to Rashad AHMADOV, executive director of the Azeri Compulsory Insurance Bureau.
28 March 2022AZERBAIJAN: A-Group's net profit in 2021 decreased, while premiums rose
A-Qroup, one of the leading insurance companies in Azerbaijan (included in the top-10), ended 2021 with net profit of about AZN 1 million (~EUR 0.52 million), which is 2.8 times less y-o-y, ABC.AZ reports based on the insurer's financial statements.
14 March 2022
