Voluntary motor vehicle insurance in Azerbaijan for January-October of this year amounted to AZN 50.69 million (~EUR 27.55 million), which is 19% more y-o-y, ABC.AZ writes with reference to the Central Bank report.

The Azerbaijan Insurers Association (AIA) and the Union of Insurance and Reinsurance Companies of Northern Cyprus signed a memorandum on insurance, Trend reports.

Azerbaijan's Bakı Sığorta (Baku Insurance) has announced its liquidation, Trend reports with reference to the Vergilar newspaper of the State Tax Service under the Ministry of Economy.

The Central Bank of Azerbaijan (CBA) has included the Turkish BMS Group Sigorta ve Reasurans Brokerligi company in the register of foreign insurers, reinsurers, and insurance brokers, Trend reports referring to the CBA.

A total of 405,604 hectares of cultivated land have been insured in Azerbaijan in the first 9 months of this year, Trend reports with reference to the Agrarian Insurance Fund.

The Central Bank of Azerbaijan (CBA) has included five more foreign-owned companies in the register of foreign insurers, reinsurers, and insurance brokers, thus increasing the number of foreign brokers working in the local insurance market to 92, Trend reports.

The insurance market of Azerbaijan for January-September amounted to AZN 1.02 billion (EUR 539.47 million), which is 9.38% more y-o-y in manats, according to data published by the Central Bank. At the same time, the largest share of premiums was collected in voluntary insurance.

In the first eight months of 2024, life insurance premiums amounted to AZN 417.5 million (~EUR 222 million), while paid claims reached AZN 329 million (EUR 175 million), ABC.AZ reports with reference to the Central Bank.

GWP and paid claims in Azerbaijan for voluntary travel insurance decreased in January-August 2024, ABC.AZ reports with reference to the Central Bank.

Bakı Sığorta has been excluded from the list of insurance companies-members of the Compulsory Insurance Bureau (ISB), ABC.AZ writes with reference to the ISB.

The Central Bank of Azerbaijan (CBA) signed a Memorandum of Understanding with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), aimed at expanding the use of Islamic insurance services in the country, Trend reports.

The Belarusian Asoba insurance company intends to enter the Azerbaijani market, the company's general director Vladimir Korobushkin said during the Azerbaijan International Insurance Forum-2024 (AIIF-2024), Trend reports.

In the first 7 months of 2024, the insurance market of Azerbaijan increased by 9.5% to AZN 833.85 million (~EUR 453.18 million), ABC.AZ writes with reference to the Central Bank of Azerbaijan.

The insurance market of Azerbaijan ended the first half of 2024 with a growth of 11.74% y-o-y, amounting to AZN 725.16 million (EUR 399.10 million). At the same time, paid claims jumped by 58.48% to AZN 356.63 million (EUR 196.28 million), according to the data published by the National Bank.

Based on the decision of the Bureau’s Board of Trustees, Vusal Masiev has been appointed executive director of the Compulsory Insurance Bureau (ISB), Trend reports.

In January-May 2024, 17 insurance companies in Azerbaijan collected AZN 643.75 million (~EUR 349.86 million), which is 13.65% more y-o-y. At the same time, total paid claims amounted to AZN 274.83 million (+57.6%), ABC.AZ reports with reference to the Central Bank of Azerbaijan.

Azerbaijan’s exposure and vulnerability to the earthquake risk, as well as the measures to cope with the financial impact of such events were the topics of the A Resilient Financial System Against Catastrophic Risks Conference, organized on 22-23 May, by the Central Bank of Azerbaijan and the Compulsory Insurance Bureau, with the participation of T-Rupt, a Türk Reasürans group company specializing in insurance and reinsurance technology solutions.

In January-April 2024, the insurance market of Azerbaijan grew by 16% or AZN 75.31 million. At the same time, the best positive dynamics was recorded in voluntary insurance, ABC.AZ reports with reference to the Central Bank of Azerbaijan.

At the end of 1Q2024, the insurance market of Azerbaijan grew by 7.56%, reaching AZN 373.14 million (EUR 203.68 million). However, paid claims rose by almost 50%, amounting to AZN 153.33 million (EUR 83.69 million), as statistics published by the National Bank show.

Negotiations are underway with the Turkish Insurance Data Center about creation of a similar system to support digital transformation in the insurance sector in Azerbaijan, ABC.AZ wrote.