On January 3, 2019 Fuad KULIEV was appointed as the chairman of the board of directors of the reinsurance company AzRe, according to the company.
Azer ALIYEV has been appointed the new chairman of the Azerbaijan Insurers Association (ASA). Association's ex-chair Mustafa ABBASBEYLIi has been assigned advisor to Labor & Social Protection Minister Sahil BABAYEV, as analytical and news agency FINEKO and ABC.AZ wrote.
Yavuz OLKEN has been appointed Chairman of the Board of Directors of the Azerbaijani insurance company AXA MBASK, the Trend news agency reports referring to the company's website.
The Financial Markets Supervision Chamber of Azerbaijan (FIMSA) suspended the license issued to Ata Sigorta for the reinsurance operations, because of the non-conformity of Ata Sigorta's capitalization for provision of reinsurance services, FIMSA said in its statement.
According to the Chairman of the ASA Mustafa ABBASBEYLI, compulsory real estate insurance in Azerbaijan in 2019 may double its volume, as Trend wrote. He pointed out that as of now the penetration degree of the compulsory real estate insurance in Azerbaijan is about 10-15%.
For 11 months of 2018 Azeri insurers generated GWP of AZN 663.9 million (31.7% more y-o-y) and paid claims amounted to AZN 224.1 million (3% less y-o-y), according to the Financial Markets Supervision Chamber of Azerbaijan (FIMSA).
The Azeri Association of Insurers of (ASA) announced the results of the rating action considering insurance companies' level of service and customer attitude for November, according to the ASA official statement.
GWP of Azerbaijani insurance companies in January-October 2018 amounted to AZN 617.2 million (+33.4% y-o-y), according to the report of Azerbaijan's Financial Market Supervisory Authority (FIMSA).
Insurance company Xalq Hayat Sigorta was registered on November 23 and has applied to Azerbaijan's Financial Market Supervisory Authority (FIMSA) for obtaining an insurance license, the news agency Trend wrote.
Azerbaijani QALA Insurance plans to collect AZN 16 million in premiums by the end of 2018, which would mean a 54.1% y-o-y growth, Deputy Chairman of the company Taleh YUSIFOV said recently, quoted by Trend.
According to the Chairman of the Azerbaijan Insurers Association (AIA) Mustafa ABBASBAYLI, MTPL on the Azeri insurance market is reaching its peak, Trend News Agency informed.
Nationwide introduction of compulsory health insurance in Azerbaijan was postponed from 2019 to 2020, reports the Analytical and Information agency FINEKO and ABC.AZ.
For 9 months this year the Azeri market generated GWP up by 37.21% y-o-y, thus overcoming the figure of the last full year of AZN 500 million (AZN 568.54 million), as the data, published by the Financial Market Supervisory Authority of Azerbaijan (FIMSA) show.
The Azeri insurance market will undergo changes that lead to a decrease in premiums on certain types of insurance next year, said Chairman of the Azerbaijan Insurers Association (AIA) Mustafa ABBASBAYLI. Agro insurance and insurance against accidents at work may contribute to market development.