Total market GWP from January-April 2019 amounted to AZN 265.3 million (~EUR 139.12 million), while total paid claims reached AZN 66.7 million, Trend reports with reference to the Financial Market Supervisory Authority (FIMSA).
Developing several mandatory insurance lines, as well as reforming the agricultural insurance system or taking steps to the market's digitalization and general modernization are the main growth solutions that will be discussed on the occasion of the 2019 edition of the Conference "Insurance in Azerbaijan: Trends & Opportunities", 28 June 2019, Hilton Hotel, Baku, Azerbaijan.
The Financial Market Supervisory Authority of Azerbaijan (FIMSA) has restricted the license of the only state commercial insurer AzerSigorta, the regulator announced. Azerbaijan's Bureau of Compulsory Insurance (ISB) also restricted the insurer's access to its information system.
In 1Q2019, Azeri insurers generated GWP in the amount of AZN 201.17 million (EUR 105.38 million), 4.17% more y-o-y, according to the statistical data, published by The Financial Market Supervisory Authority of Azerbaijan (FIMSA).
The Financial Market Supervisory Authority of Azerbaijan (FIMSA) removed recent restrictions on the license of Ateshgah for compulsory civil liability insurance for vehicle owners and allowed the company to conclude such contracts, Trend News Agency reported on April 30.
GWP of AtaSigorta for January-March this year amounted to AZN 5.4 million, which is 26.9% more y-o-y. The insurer's paid claims for the period amounted to about AZN 3.5 million (+89.8%), as FINEKO and ABC.AZ reported.
The decision to liquidate AXA Mbask Insurance was made after an agreement of intent to sell the company's shares, concluded between AXA and Elkhan GARIBLI on May 21, 2018. The agreement has lost its legal force, the company announced.
According to The Financial Market Supervisory Authority of Azerbaijan, total market GWP in January-February amounted to AZN 132.82 million (~EUR 68.69 million), 2.05% more y-o-y. Total paid claims dropped by 18.2%, to AZN 33.12 million (~EUR 17.13 million), Trend News Agency reports.
The Azerbaijan's Market Supervisory Authority (FIMSA) approved the license of Xalq Life Insurance for insurance activity on March 27, Trend reported.
The Board of Trustees for the Compulsory Insurance Bureau of Azerbaijan (ISB) has new appointments. Azer ALIYEV has been appointed Chairman of the Board of Trustees, replacing Lana GOZALOVA, first deputy chairman of the AXA Mbask Insurance Company in this position, Trend wrote.