Azerbaijan

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Location:
- Southwestern Asia, bordering the Caspian Sea, with a small European portion north of the Caucasus range.
- Neighbours: Turkey, Armenia, Georgia, Russia, Iran.

Climate:
- dry, semiarid steppe.

Natural hazards:
- droughts.

Macro indicators (* 2018 estimates)

Surface:	86,600	km²
Population*:	9.94	million
GDP*:	39.66	EUR billion
GDP/capita*:	3,989.95	EUR

Currency: Manat
Code: AZN
Since: 2006

Exchange rates at December 31st:

1 EUR = 1.9468 AZN (2018)
1 EUR = 2.0307 AZN (2017)
1 EUR = 1.8644 AZN (2016)
1 EUR = 1.7046 AZN (2015)
1 EUR = 0.9522 AZN (2014)
1 EUR = 1.0780 AZN (2013)
1 EUR = 1.0377 AZN (2012)
1 EUR = 1.0178 AZN (2011)
1 EUR = 1.0560 AZN (2010)

Sources:

Statistics

Azerbaijan 1Q2019 Insurance Companies Ranking

Azerbaijan 1Q2019 Market Portfolio

See all statistics

Latest news

AZERBAIJAN's financial regulator picks its medical insurer

A-Group insurance company won a tender for providing medical insurance services to employees of Azerbaijan's Financial Market Supervisory Authority (FIMSA), the newspaper "Azerbaijan" reported Jan. 25.

2018-01-31

AZERBAIJAN preparing new law on stimulating agricultural insurance

The Committee for Agrarian Policy of the Azerbaijani parliament will view the draft law "On Stimulation of Agricultural Insurance" in May 2018.

2018-01-31

AZERBAIJAN`s insurance market to keep on growing in 2018

2018-01-23

Azerbaijani State Agency for Compulsory Health Insurance becomes public legal entity

State Agency for Compulsory Health Insurance of Azerbaijan has officially become a public legal entity, as the country's President has signed the decree that provides for the legal basis of its functioning.

2018-01-18

AZERBAIJAN discusses creating insurance market modernization mechanism

Creation of a mechanism of insurance market modernization is being discussed in Azerbaijan, the Financial Market Supervisory Authority (FIMSA) said Jan. 12.

2018-01-17

AZERBAIJAN: Purchase of motor insurance policies now possible via Azerbaijan's payment terminals

It is now possible to buy compulsory civil liability insurance policies for motor vehicles via MilliON payment terminals in Azerbaijan, a source in the Komtec Ltd. (a technical center for installation and service support of MilliON payment terminals) told Trend.

2018-01-08

Azerbaijan: the MTPL electronic issuance system one year after debut

One year after the system introduction, the number of electronically issued MTPL policies in Azerbaijan has exceed 1 million, worth almost AZN 83.78 million (EUR 46.29 million) in premiums - data for January-November 2017.

2017-12-07

AZERBAIJANI insurance firm's license suspended

The license of Azerbaijan's Progress Insurance Agency CJSC has been suspended for one month, the Financial Market Supervisory Authority of Azerbaijan (FIMSA) said in a message Dec. 4.

2017-12-07

AZERBAIJAN sees 31% rise in compulsory insurance of automobiles

In November 2017, 84,898 contracts on compulsory insurance of civil liability of vehicle owners were registered in Azerbaijan, up 31% from previous year, Compulsory Insurance Bureau of Azerbaijan (CIB) said.

2017-12-05

STATISTICS: Azerbaijan, 3Q2017: The two PASHA units generate about half of the insurance market

In the first nine months of 2017, GWP written by the Azeri insurance companies totaled AZN 414.35 million, increasing by 6.15% y-o-y, while the claims paid increased by 12.94% and totaled AZN 188.58 million.

2017-11-21

AZERBAIJANI insurance company expects growth in voluntary type premiums

Azerbaijan's AtaInsurance OJSC expects growth of premiums on voluntary types of insurance by 25-35 percent in 2018, Deputy Chairman of the company's Executive Board Goshgar Hasanov told Trend Nov. 10.

2017-11-13

AZERBAIJAN: Starting November 2017 only electronic MTPL contracts will be valid

The validity period of the last paper policies on mandatory MTPL insurance expired on 31 October 2017. Thus, the MTPL policies, written out on paper forms, are completely excluded from circulation in the country, wrote the Compulsory Insurance Bureau.

2017-11-02

AZERBAIJAN's Ateshgah company rep talks on further plans

Azerbaijan's Ateshgah Insurance Company does not intend to expand its branch network soon, Azer Aliyev, chairman of the company's board, said in an interview with Trend.

2017-10-30

AZERBAIJAN's PASHA Bank talks expansion plans

Azerbaijan's PASHA Bank does not plan to open new branches abroad in the next three years, Taleh Kazimov, chairman of the bank's board, told reporters in Baku Oct. 17.

2017-10-19

AZERBAIJAN: FIMSA revokes license of Bashak-Inam Insurance

Azerbaijan's Financial Market Supervisory Authority (FIMSA) said Oct. 6 that it revoked the license of the Bashak-Inam Insurance OJSC.

2017-10-12

AZERBAIJAN eyes to introduce CAMELS model for calculating insurance premiums

Azerbaijan plans to introduce CAMELS model for calculating the amount of insurance premiums based on risks, according to the monitoring report on the implementation of measures reflected in the Strategic Road Map for the Development of Financial Services.

2017-10-05

AZERBAIJAN: Compulsory car insurance grew by 24% this year

In September, the Compulsory Insurers Bureau registered 86,186 e-insurance agreements on mandatory insurance of motor vehicle owner's liability.

2017-10-04

AZERBAIJAN: Local insurance market resumes growth

Azerbaijan's insurance companies collected insurance premiums in the amount of 368.92 million manats in January-August 2017.

2017-09-28

AZERBAIJAN's Bureau of Compulsory Insurance may switch to self-regulatory mechanism

The Bureau of Compulsory Insurance (ISB) proposes the introduction of a new regulatory mechanism. As it was said in the bureau's report on the results of activity in the first half of the year, the coordinated activity of the actors operating in this sphere creates the conditions for reaching a new level of the quality of relations.

2017-09-12

AZERBAIJAN may introduce Europrotocol

The Bureau of Compulsory Insurance (ISB) of Azerbaijan has decided on the tasks for the near future with the aim of ensuring quality in the insurance market. Bureau's report on the results of activity in the first half of 2017 says that Azerbaijan does not have industry standards for determining the amount of damage in the sphere of civil liability insurance for motor vehicle owners.