AZERBAIJAN: the license of Ravan Sigorta revoked by the Central Bank

16 March 2021 —
The license of the Azerbaijani insurance company Ravan Sigorta has been revoked, Trend reported according to the Central Bank of Azerbaijan.

According to the Central Bank (CBA), the license of Ravan Sigorta has been revoked on the basis of a voluntary appeal by the decision of the Board of the CBA dated March 10, 2021. Thus, the number of insurance companies in the domestic market dropped to 20.

Based on FY2020 market results, Ravan Sigorta ranked 22nd among 24 insurance companies and the market share of the insurer dropped to 0.15%.