Azerbaijani QALA Insurance plans to collect AZN 16 million in premiums by the end of 2018, which would mean a 54.1% y-o-y growth, Deputy Chairman of the company Taleh YUSIFOV said recently, quoted by Trend.
According to the Chairman of the Azerbaijan Insurers Association (AIA) Mustafa ABBASBAYLI, MTPL on the Azeri insurance market is reaching its peak, Trend News Agency informed.
Nationwide introduction of compulsory health insurance in Azerbaijan was postponed from 2019 to 2020, reports the Analytical and Information agency FINEKO and ABC.AZ.
For 9 months this year the Azeri market generated GWP up by 37.21% y-o-y, thus overcoming the figure of the last full year of AZN 500 million (AZN 568.54 million), as the data, published by the Financial Market Supervisory Authority of Azerbaijan (FIMSA) show.
The Azeri insurance market will undergo changes that lead to a decrease in premiums on certain types of insurance next year, said Chairman of the Azerbaijan Insurers Association (AIA) Mustafa ABBASBAYLI. Agro insurance and insurance against accidents at work may contribute to market development.
On October 5, 2018, the rating agency S&P affirmed "B/B" long- and short-term foreign and local currency sovereign credit ratings on Belarus with a stable outlook, as the Finance Ministry of the Republic announced.
According to Ibrahim ALISHOV, executive director of the Azerbaijan Financial Market Supervisory Authority (FIMSA), GWP on the Azeri market in 2018 may exceed last year's figure.
For the period of January-August, Azeri insurers' GWP amounted to AZN 516.924 million (+40.1% y-o-y), as the financial market supervisory authority reported. Paid claims reached AZN 168.582 million (+0.9%).
The Azeri market will continue to grow in 2018 according to the Chairman of the Mediator Committee of the Azerbaijani Insurers Association (ASA), Hayal MAMEDHANLI. Based on his opinion, the market may reach AZN 600 million this year (AZN 30 million more than in 2017).
Compulsory health insurance in Azerbaijan will be fully implemented within five years, according to the director of the State Agency for Compulsory Health Insurance under the Cabinet of Ministers of Azerbaijan Zaur ALIYEV.
For the first 7 months of the year insurers of Azerbaijan generated GWP in the amount of AZN 459.9 million (~EUR 230.87 million). Total market paid claims for the period reached AZN 145.9 million (~EUR 73.24 million), according to The Financial Markets Supervision Chamber of Azerbaijan.