For 11 months of this year, 20 insurance companies of Azerbaijan collected AZN 767.91 million (EUR 398.66 million*) in premiums, which is 14.9% more y-o-y, ABC.AZ informed with reference to the Central Bank of Azerbaijan.
In January-October 2021, Azerbaijani insurance companies collected GWP in the amount of AZN 705.70 million (EUR 359.46 million*), which is 12.3% more y-o-y, writes ABC.AZ with reference to the Central Bank of Azerbaijan.
During a recent visit of representatives of the AIA (Azerbaijan Insurers Association) that took place within the framework of a memorandum signed between the AIA and the Insurance Association of Turkey, Azerbaijan and Turkey discussed further formation of relations in insurance, Trend reports with reference to AIA.
The insurance market in Azerbaijan at the end of 3Q2021 grew by almost 13%, up to AZN 655.62 million (EUR 332.40 million). At the same time, paid claims of insurers in local currency increased by 21.36% reaching AZN 373.49 million, according to the data published by the Central Bank of Azerbaijan.
From January to September 2021, GWP of A-Qroup, one of the top ten market leaders in Azerbaijan, amounted to AZN 10.41 million (~EUR 5.29 million*), which is almost 30% more than in the same period in 2020, Trendreports.
In January-August 2021, total GWP of the insurance sector in Azerbaijan amounted to AZN 580.59 million (~EUR 289.37 million*), while AZN 448.67 million or 77.3% were generated by 5 insurance companies, ABC.AZ writes.
GWP on credit insurance in Azerbaijan increased by more than seven times y-o-y as of beginning July 2021, Trend reports with reference to the reporting data of the Central Bank of Azerbaijan (CBA), which is the regulator of the insurance market.
Azerbaijan's A-Qroup insurance company has been included in the register of members of the Union of Legal Entities of the Compulsory Insurance Bureau (CIB) of the country, Trend reported referring to the CIB. And the number of CIB participants has reached 19.
In the first six months of the year, GWP on voluntary cargo insurance in Azerbaijan decreased by 24.5% y-o-y and amounted to about AZN 2.6 million/~EUR 1.3 million* (vs AZN 3.5 million by the end of June 2020), Trend reports with reference to the statistics of the Central Bank of Azerbaijan (CBA).
The insurance sector ended the first half of 2021 with an impressive 11.31% y-o-y growth (in local currency), with GWP reaching AZN 452.37 million (EUR 223.55 million), according to data released by the Central Bank of Azerbaijan.
The leading life insurer in Azerbaijan, PASHA Life Insurance, published its financial statements for the second quarter of 2021. Financial indicators show that the company continues to maintain its leading positions in the insurance market, Trend said.
The All-Russian Insurance Association (ARIA) and Azerbaijan Insurers Association signed a memorandum of cooperation on the initiative of the Azerbaijani side during the visit of President of ARIA Igor YURGENS to Baku, Trend reports with reference to the Azerbaijan Insurers Association.
The domestic insurance market coped to avoid the large-scale negative effects of the COVID-19. However, the summary indicators for January and February indicate a relatively negative impact, at the same time, according to the results of the first quarter of 2021, there is a positive tendency, said Executive Director of the Azerbaijan Insurers Association (AIA) Elmar Mirsalayev for Trend.