Location: - Southwestern Asia, bordering the Caspian Sea, with a small European portion north of the Caucasus range. - Neighbours: Turkey, Armenia, Georgia, Russia, Iran.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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, Trendreports.
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.
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.
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.
The Central Bank of Azerbaijan (CBA) has adopted new rules in insurance, which are to increase the level of satisfaction of policyholders, Trendreports according to Vusal GURBANOV, director of the CBA's insurance control department.
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.
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.