Association of insurers of Azerbaijan is planning introduction of mandatory travel insurance for arriving tourists, informed the Chairman of the Association, Mustafa ABBASBEILI.
The Supervisory Board of the Azerbaijan Insurers Association (AIA) has decided to establish an intermediaries Committee under AIA, said a message from the AIA.
The market needs revision of MTPL tariffs and it means not only increase, but also differentiation according to the country regions, believes Mustafa ABBASBEYLI, Chairman of the Azerbaijan Insurers Association (AIA).
In the 1st quarter of 2018 insurance companies of Azerbaijan generated GWP up by 28.2% y-o-y, - said the official report of the Financial Market Supervisory Authority of Azerbaijan. Paid claims of the same period slightly exceeded the last year's figure.
A-Qroup based on its 2018 first quarter results saw a gross premium growth assessed at 13% - said the insurer's official report. Insurer's total premium volume amounted to AZN 1.83 million (EUR 0.87 million) in 1Q2018, thus exceeding the similar result of the previous year.
PASHA Life's net profit in 2017 amounted to AZN 17.33 million, up 36.5% from 2016.
PASHA Sigorta collected in January 2018 more insurance premiums than any other insurance company in Azerbaijan, according to the Financial Market Supervisory Authority (MBNP), January GWP amounting to AZN 41.23 million (EUR 20.14 million) or 49.8% of total in Azerbaijan.
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.