Azerbaijan
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Azerbaijan 1H2020 Insurance Companies Rankings
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AZERBAIJAN: PASHA Insurance assigned 'BB+' rating, outlook stable
S&P Global Ratings assigned its 'BB+' long-term insurer financial strength and issuer credit ratings to Azerbaijan-based PASHA Insurance, the outlook is stable, the agency said in its report.
21 April 2020AZERBAIJAN: insurers are expanding their lines of online products due to pandemic
Gunay Sigorta has expanded its product line of online insurance services, based on the authorities requirements and recommendations to prevent the spread of the coronavirus infection, Trend reports citing the insurer.
15 April 2020AZERBAIJAN: corporate and retail segments are decreasing during the quarantine
The measures under the special quarantine regime in Azerbaijan, aimed to limit the spread of the infection, are negatively affecting the domestic economic activity, and thus, work and results of the insurers, according to Trend.
8 April 2020AZERBAIJAN: in February GWP dropped amid rising paid claims
In January and February this year, Azerbaijani insurers generated GWP in the amount of AZN 190.74 million (~EUR 101.78 million), which is almost 44% more y-o-y, according to the Central Bank of the country.
8 April 2020AZERBAIJAN: AIA: insurance sector must prepare a plan for switching to a remote mode of operations
The fight against spread of COVID-19 requires urgent and forced measures that affect all areas of activity, including insurance industry.
2 April 2020AZERBAIJAN: "updates" to the legislation of compulsory insurance are required
In 2020 Azerbaijan is expecting changes in insurance legislation, especially related to compulsory insurance, according to the Chairman of the board, the Association of insurers of Azerbaijan, Azer ALIYEV, as Trend news agency informed.
26 March 2020AZERBAIJAN: PASHA Insurance saw record growth in January
In January 2020, the GWP of the leading non-life insurer of Azerbaijan, PASHA Insurance, amounted to almost half of the total market's GWP, reaching AZN 56.6 million (~USD 33.3 million), which is at the same time AZN 10.1 million (USD 5.9 million) more than the insurer's GWP a year ago, Trend reports based on the data of the Central Bank.
12 March 2020AZERBAIJAN: loss ratio of the compulsory liability insurance of vehicle owners grew by more than 4% y-o-y in January
In January 2020, collected GWP for compulsory liability insurance of vehicle owners amounted to AZN 6.9 million (~USD 4 million), while the paid claims exceeded AZN 6 million (~USD 3.5 million), resulting in a loss of 87.5%, Trend reports based on the Azerbaijani Central Bank's data.
11 March 2020STATISTICS: AZERBAIJAN, FY2019: life insurance caused negative market results (-6.43%)
At the end of 2019, Azerbaijani market GWP decreased by 6.43% y-o-y in local currency, to AZN 681.18 million (EUR 357.85 million), while paid claims, on the contrary, saw a rapid growth (+25.47%), according to the regulator's data.
5 March 2020AZERBAIJAN: the country ranks 3rd among CIS safest travel destinations
Azerbaijan ranked third among the safest travel destinations in CIS region, according to the ranking of the famous Insurly website, while its worldwide ranking took 52nd place among 180 countries safest for tourists.
27 February 2020AZERBAIJAN: AM Best withdrew PASHA Credit Ratings at company's request
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" of Azerbaijan-based PASHA Insurance OJSC.
23 January 2020AZERBAIJAN: new departments established in Central Bank due to transfer of regulatory and supervisory functions
As the Central Bank of Azerbaijan announced on its website, there has been some structural changes in connection with the transfer to the Central Bank of the powers of the Financial Market Supervisory Authority (FIMSA), which was abolished under the president's decree, Trend reports.
20 January 2020AZERBAIJAN: PASHA Life Insurance plans to achieve record net profit based on 2019 results
PASHA Life Insurance plans to achieve a record net profit among insurers of the country based on 2019 results (~AZN 25 million/ ~EUR 13 million), as Niyaz ISMAYLOV, Chairman of the Board of the company, told Trend.
6 January 2020AZERBAIJAN: the cabinet of ministers approved the Statute of the Agricultural Insurance Fund
The cabinet of ministers of Azerbaijan approved the Statute of the Agricultural Insurance Fund, Trend reports with reference to the cabinet.
18 December 2019AZERBAIJAN: for 10 months life insurance dropped by almost 40%
From January to October 2019, GWP of the voluntary Health insurance increased by almost AZN 10 million (~EUR 5.27 million), Motor Hull increased by about 20%, while Life insurance, on the contrary, decreased by almost 40% y-o-y, and these trends will continue, said Azer ALIYEV.
12 December 2019AZERBAIJAN: premium amounts on compulsory medical insurance to be set
The amendments to the law "On medical insurance" were put up for discussion and were proposed to set insurance premiums for compulsory medical insurance, as Trend reports referring to chairman of the parliamentary health committee Ahliman AMIRASLANOV.
5 December 2019AZERBAIJAN: financial markets supervision transferred to the Central Bank
On November 28, by Order of the President of the Republic of Azerbaijan, the Chamber of Financial Supervision of the Republic of Azerbaijan (FIMSA) was abolished, its task being transferred to the Central Bank.
5 December 2019AZERBAIJAN: compulsory health insurance to be introduced in 2020 throughout the country
Introduction of compulsory health insurance (CHI) in the country is proposed to be done in 4 stages throughout the country in 2020, said Zaur ALIYEV, the Chairman of the Board, the State Agency for compulsory health insurance of Azerbaijan.
28 November 2019AZERBAIJAN: new life insurer Xalq Hayat has already collected GWP worth over AZN half million
At the end of September 2019, the new life insurer Xalq Hayat generated GWP for "life insurance of persons borrowing loans" and "compulsory insurance against industrial accidents and occupational diseases" worth of AZN 577 thousand (~EUR 310 thousand), ABC.AZ reports.
20 November 2019STATISTICS: AZERBAIJAN, 3Q2019: life insurance dropped by more than 7% y-o- y
From January to September 2019, total market GWP decreased by 8.11% y-o-y, to AZN 522.45 million (EUR 281.01 million). Paid claims, on the contrary, went up by almost 8% and reached AZN 201.70 million (EUR 108.49 million), as the data, published by the Azerbaijan's Financial Market Supervisory Authority (FIMSA) show.
14 November 2019
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