AzSıgorta, which in terms of GWP ranked 8th on the local market in 2018, ended last year with profit of AZN 4.7 million, according to the Chairman of the board of the company, Anar TALYBOV.
The presidential decree of Ilham ALIYEV on amending the Law on insurance activity provides for the right of the Financial Market Supervisory Authority of Azerbaijan to introduce temporary administrators in Azeri insurance companies or dismiss their top management from duty, as the news agency Trend wrote.
In 2018 Azeri insurers generated GWP in the amount of almost AZN 728 million (+30.7% y-o-y), data published by the Financial Market Supervisory Authority of Azerbaijan (FIMSA) show. In European currency, thanks to the Azeri Manat appreciation against Euro, the market results look much more impressive, increasing to EUR 373 million (+36.36% y-o-y growth).
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.