AZERBAIJAN: 16 out of 20 insurers increased GWP in January-April

31 May 2023 —
In January-April 2023, 16 out of 20 insurance companies in Azerbaijan increased their GWP y-o-y, while premiums of the remaining 4 companies decreased, ABC.AZ wrote with reference to a statistical report published by the Central Bank of Azerbaijan.

According to the report, over the past year, Azersigorta recorded the largest y-o-y growth and collected AZN 9.29 million (~EUR 1.87 million) in 4 months, which is 2.8 times more than a year earlier.

Among the companies whose premiums decreased, the worst situation is with Ipk Yolu Sigorta - a decrease by 79.9% to AZN 1.21 million.

On the paid claims side, in January-April 2023, out of 20 insurance companies, 15 increased paid claims y-o-y, while the other 4 reduced. At the same time, one company (Meqa Hyat Sigorta) did not make payments (dynamics of its paid claims was not recorded).

According to the report of the Central Bank, the company paid claims of which grew the most in a year is the joint insurance company Aqrar Sigorta. From January to April, the company paid out AZN 1.00 million, which is 9 times more y-o-y.

Among the companies whose paid claims decreased over the period, Atasigorta recorded the largest decline. The company's paid claims decreased by 58.1% to AZN 982 thousand, the news source said.

*EUR 1 = AZN 1.87 (01.05.2023)