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Azerbaijan FY2023 Market Portfolio
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AZERBAIJAN: Azerbaijan to create analogue of Turkish Insurance Data Center
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.
30 April 2024AZERBAIJAN: Azerbaijan and Turkmenistan agreed on building insurance ties
The CEO of the Azerbaijan Insurance Association (ASA) Elmar Mirsalayev held a meeting with the Ambassador Extraordinary and Plenipotentiary of Turkmenistan to Azerbaijan Gurbanmammet Elyasov. At the meeting the parties agreed on establishing ties in insurance, Trend reports.
2 April 2024AZERBAIJAN: insurance sector assets rise by more than 13% in 2023
As of January 1, 2024, the assets of the insurance sector of Azerbaijan amounted to AZN 1.80 billion (~EUR 0.96 billion), which is 13.2% more than at the end of 2022, ABC.AZ writes with reference to the report of the Cabinet of Ministers for 2023.
12 March 2024AZERBAIJAN: PASHA Insurance outlook revised to positive, BB ratings affirmed
In February S&P Global Ratings revised its outlook on PASHA Insurance (the market leader) to positive from stable. At the same time, the agency affirmed its 'BB' long-term issuer credit and financial strength ratings on the insurer, the rating agency reported.
26 February 2024AZERBAIJAN: Green Card market shows significant growth in 2023
A total of 57,347 Green Card contracts were issued in Azerbaijan last year, under which AZN 10 million (USD 5.88 million) were collected, Trend reports citing the Compulsory Insurance Bureau of Azerbaijan. According to the Bureau, the number of contracts grew by 2.6 times y-o-y, while GWP rose by 3.4 times.
26 February 2024AZERBAIJAN: criteria to classify systemically important insurance companies approved
Criteria for classifying systemically important insurance businesses have been approved in Azerbaijan. Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov signed a corresponding decision, Trend reports.
21 February 2024AZERBAIJAN: Georgian insurance company enters the Azerbaijani market
The Central Bank of Azerbaijan (CBA) has added Insurance Broker Magnus, a local affiliate of Georgian insurance giant Magnus, to the registry, Trend reports.
13 February 2024AZERBAIJAN: The State Insurance Commercial Company liquidated
By decree of the President of the Republic of Azerbaijan dated January 31, 2024, the State Insurance Commercial Company was liquidated, Trend reports.
7 February 2024STATISTICS: AZERBAIJAN, FY2023: life insurance generates over half of all market premiums
At the end of 2023, the insurance market of Azerbaijan grew by almost 26% to AZN 1.222 million (EUR 651.46 million). However, paid claims increased by 35% y-o-y, reaching AZN 587.32 million (EUR 312.97 million), as the data published by the National Bank show.
31 January 2024AZERBAIJAN plans to increase insurance sector assets
In Azerbaijan, it is planned to increase the assets of the insurance sector from the current AZN 1.9 billion (~EUR 1.02 billion) to AZN 3.7 billion (~EUR 2 billion), Report writes with reference to the “Financial Sector Development Strategy for 2024-2026” approved by the Central Bank of Azerbaijan (CBA).
29 January 2024AZERBAIJAN: for January-November 2023, about 55% of all paid claims were in life insurance
In January-November 2023, the life insurance market in Azerbaijan amounted to AZN 572.82 million (~EUR 309.63 million), which is 27% more y-o-y, Trend reports, citing data from the Central Bank.
9 January 2024AZERBAIJAN: Most mandatory vehicle insurance clients complain about Xalq Sigorta
According to an assessment conducted by the Central Bank of Azerbaijan over the past year, most mandatory vehicle insurance clients complain about Xalq Sigorta, ABC.AZ writes. Based on the 3Q2023 results, the insurer ranks 9th among 20 companies in the market.
18 December 2023AZERBAIJAN: in 2024, the budget of the Unemployment Insurance Fund will be 9.3% more than in 2023
In 2024, the income and expenses of the Unemployment Insurance Fund in Azerbaijan will amount to AZN 238 million (or USD 140 million), which is AZN 20.3 million, or 9.3% more than this year, Trend reports.
12 December 2023AZERBAIJAN: from January to October the market growth exceeded 27% y-o-y
For the first 10 months of 2023, 20 insurance companies in Azerbaijan collected over AZN 1 billion (~EUR 0.55 billion), which is 27.8% more y-o-y, ABC.AZ wrote with reference to the Central Bank (CBA).
27 November 2023AZERBAIJAN: voluntary insurance paid claims increased by 29% in January-September
In Azerbaijan, in January-September 2023, paid claims in voluntary insurance increased, amounting to AZN 320.15 million (EUR 178 million), which is 29% more y-o-y, ABC.AZ writes with reference to the Central Bank report.
13 November 2023AZERBAIJAN: 96% of arable land is covered by the agricultural insurance system
The agricultural insurance system in Azerbaijan covers 96% of arable land, as stated by Firdovsi Agashirinov, Deputy Chairman of the Board of the Agricultural Insurance Fund of Azerbaijan, Trend reports.
6 November 2023STATISTICS: AZERBAIJAN, 3Q2023: GWP growth outpaced paid claims by 2.5%
According to the 3Q2023 results, the insurance market of Azerbaijan grew by 28.17% to AZN 937.24 million (EUR 521.12 million). It is worth noting that GWP growth outpaced the growth in paid claims, which increased by 25.67%, amounting to AZN 400.39 million (EUR 222.62 million), as statistics published by the National Bank show.
1 November 2023AZERBAIJAN: Agricultural Insurance Fund payments to farmers increase annually
The Agricultural Insurance Fund of Azerbaijan, which insures farmland and farms, has begun paying damages to farmers in connection with events and registered losses during 2023, Trend reports.
30 October 2023AZERBAIJAN: The budget of the Compulsory Health Insurance Fund for 2024 to be 17.5% more than forecast
The budget of the Compulsory Health Insurance Fund in Azerbaijan for 2024 will amount to AZN 2.811 billion (EUR 1.56 billion), ABC.AZ writes with reference to a message from the Ministry of Finance.
25 October 2023AZERBAIJAN: social and compulsory health insurance increased from January to September
For the period from January to September, compulsory state social insurance in Azerbaijan amounted to about AZN 3.7 billion (~EUR 2.05 billion), which is 14% more y-o-y, Trend writes with reference to the State Tax Service under the Ministry of Economy of Azerbaijan.
19 October 2023
