Azerbaijan
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Azerbaijan FY2022 Insurance Companies Ranking
Azerbaijan FY2022 Market Portfolio
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AZERBAIJAN: the number of Green Card contracts in 2022 increased by 37% y-o-y, while GWP grew by 25%
In 2022 Azerbaijani insurers issued 22,187 insurance contracts within the Green Card system and collected AZN 3.01 million of premiums on them (~EUR 1.66 million), Trend reports based on data from the Compulsory Insurance Bureau of Azerbaijan.
9 March 2023AZERBAIJAN: Paid claims of the four companies in January exceeded AZN 2 million
The amount of paid claims of each of the four insurance companies of Azerbaijan in January 2023 exceeded AZN 2 million (~EUR 1.08 million), ABC reports.
8 March 2023AZERBAIJAN: the market grew by almost 14% y-o-y in January
In January 2023, 20 Azerbaijani insurance companies collected GWP in the amount of AZN 133.94 million (~EUR 72.4 million), which is 13.7% more than in January 2022, ABC reports.
28 February 2023AZERBAIJAN: PASHA Life sets a new GWP record in the insurance market in 2022
PASHA Life, the country's leading life insurance company, took the leading position among insurance market participants in terms of GWP in 2022. The company set a new record in the insurance market, having collected AZN 407 million (EUR 224.68 million) for all products and made insurance payments to its customers in the amount of AZN 221 million (+17%), Trend wrote.
22 February 2023STATISTICS: AZERBAIJAN, FY2022: life insurance supports market growth
The insurance sector of Azerbaijan ended 2022 with an increase of 15%, reaching AZN 970.82 million (EUR 535.95 million). At the same time, paid claims decreased by 5.56% to AZN 433.20 million (EUR 239.15 million), according to the statistics published by the National Bank.
22 February 2023AZERBAIJAN: The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC) accepts Azerbaijan as a member
Azerbaijan has been accepted as the 49th member state of the Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, Trend reports with reference to the ICIEC.
1 February 2023AZERBAIJAN: in 2022, compulsory health insurance increased by 38%, and compulsory state social insurance - by 19%
At the end of 2022, insurance payments to the state budget for compulsory health insurance increased by 38.1%, Trend reports.
25 January 2023AZERBAIJAN: 5 insurers collected 79% of total GWP in January-November 2022
Concentration of the insurance sector in Azerbaijan is quite high. Of the AZN 875.13 million (~EUR 494.42 million) of GWP collected in January-November 2022, AZN 691.13 million or 79% fell on 5 insurance companies.
16 January 2023AZERBAIJAN: from January to November the largest payment of the Compulsory Insurance Bureau of Azerbaijan abroad recorded in Germany
The amount of payments that the Compulsory Insurance Bureau of Azerbaijan made from January through November 2022 under the Green Card system reached about AZN 531,000 (~USD 312,350) for road traffic accidents that occurred abroad, Trend reports according to the Bureau.
9 January 2023AZERBAIJAN: in 10 months, growth in life insurance exceeded 46%
In January-October 2022, life insurance premiums in Azerbaijan collected by five insurance companies reached AZN 327.1 million (~EUR 193.55 million), which is 46.6% more y-o-y, ABC.AZ wrote with reference to the data of the insurance association.
7 December 2022AZERBAIJAN: in 10M2022 the insurance sector grew by 13% y-o-y
In January-October 2022, 20 Azerbaijani insurers collected premiums in the amount of AZN 797.625 million (EUR 471.96 million), which is 13% more than a year earlier for the same period, ABC.AZ reports citing the Central Bank of Azerbaijan.
29 November 2022STATISTICS: AZERBAIJAN, 3Q2022: life insurance continued to grow, taking over half of the market portfolio
Azerbaijan's insurance sector ended 3Q with an increase of 12.24%, reaching AZN 731.22 million (EUR 438.62 million). At the same time, paid claims decreased by 14.69% to AZN 318.61 million (EUR 191.12 million), according to the statistics published by the National Bank.
24 November 2022AZERBAIJAN: from January to October, compulsory state social insurance increased by 18.4%
From January to October 2022, compulsory state social insurance in Azerbaijan amounted to about AZN 3.7 billion (~EUR 2.19 billion), ABC.AZ reports citing the State Tax Service under the Ministry of Economy. This result is 18.4% more than in the same period in 2021.
21 November 2022AZERBAIJAN: PASHA Life Insurance maintains its leading position in the market
PASHA Life Insurance, maintained its leading positions in the insurance market in general and growth trends in the third quarter of this year. The company's capital amounted to AZN 62 million, total assets - to AZN 519 million (~EUR 310.77 million), which is 30% more y-o-y, Trend reports.
10 November 2022AZERBAIJAN: digitalization of compulsory real estate insurance will allow CBA to regulate the market and processes
According to the Executive Director of the Central Bank of Azerbaijan (CBA) Ziya ALIYEV, CBA is working on digitalization of compulsory real estate insurance processes, Trend wrote.
31 October 2022AZERBAIJAN: The first meeting of insurance organizations-members of the Insurance Community of the Turkic World to be held in October
The Association of Insurers of Azerbaijan has prepared a "road map" of the Insurance Community of the Turkic World. The first meeting of insurance companies-members of the Community will be held in October, Trend wrote with reference to the association.
13 October 2022AZERBAIJAN: from January to August, 84% of paid claims and 80% of premiums accounted for by only 5 insurance companies
Total amount of paid claims in Azerbaijan from January to August 2022 reached AZN 283.67 million (~EUR 164.92 million), while AZN 238.21 million or 84% fell on 5 insurance companies only, ABC.AZ reports citing Renkinq.
5 October 2022AZERBAIJAN: new rules in insurance will allow to provide better services
The Central Bank of Azerbaijan (CBA) has adopted new rules in insurance, which are to increase the level of satisfaction of policyholders, Trend reports according to Vusal GURBANOV, director of the CBA's insurance control department.
27 September 2022AZERBAIJAN: from January to July, paid claims of 13 out of 20 insurance companies increased y-o-y
According to the results of January-July 2022, paid claims of 13 out of 20 insurance companies in Azerbaijan increased compared to the same period last year, ABC.AZ wrote referring to the report of the Central Bank.
31 August 2022AZERBAIJAN: from January to July, compulsory health insurance increased by more than 40% y-o-y
For seven months of this year, from January to July, compulsory health insurance increased by 40.5% compared to the same period last year, up to AZN 458.6 million (~EUR 263.56 million). The forecast was fulfilled by 103.3%, Trend wrote.
18 August 2022
