France's AXA announced it had entered into an agreement with Elkhan GARIBLI to sell all its insurance operations in Azerbaijan.
Azeri insurers ended 2017 with GWP worth AZN 556.8 million (EUR 274.2 million), 14.5% up y-o-y in local currency. Given the continuous devaluation of the Azeri Manat, the market's premium production maintained a positive trend also denominated in European currency, but at a significantly lower pace (5.2% y-o-y).
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.
The Committee for Agrarian Policy of the Azerbaijani parliament will view the draft law "On Stimulation of Agricultural Insurance" in May 2018.
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.
Creation of a mechanism of insurance market modernization is being discussed in Azerbaijan, the Financial Market Supervisory Authority (FIMSA) said Jan. 12.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Azerbaijan's Financial Market Supervisory Authority (FIMSA) said Oct. 6 that it revoked the license of the Bashak-Inam Insurance OJSC.
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.
In September, the Compulsory Insurers Bureau registered 86,186
e-insurance agreements on mandatory insurance of motor vehicle owner's
Azerbaijan's insurance companies collected insurance premiums in the amount of 368.92 million manats in January-August 2017.