Azerbaijan
AZERBAIJAN: Motor insurance premiums collection drastically decreased in April 2020
Motor insurance GWP of Azerbaijan drastically dropped in April 2020, as Trend reported, referring to the published report of the country's Central Bank. Motor Hull premiums reached only AZN 1.7 million (~USD 1 million), 81% less compared to April 2019, while MTPL premiums decreased by 24%, to AZN 6.8 million (~USD 4 million).
23 June 2020AZERBAIJAN: industry and country risk of Azerbaijan's P/C insurance sector assessed by S&P as high
S&P Global Ratings assessed the industry and country risk of Azerbaijan's property and casualty insurance sector as high, the agency said in its report.
22 June 2020AZERBAIJAN: compulsory real estate insurance saw a sharp increase in 1Q2020
As a result of numerous fires and natural disasters of 2019, importance of property insurance has increased on the Azerbaijani market. This trend can be observed in 1Q2020 GWP under compulsory real estate insurance, indicator which went up by 95% year-on-year, as Trend reported according to the Association of insurers of Azerbaijan.
17 June 2020AZERBAIJAN: the Agricultural Insurance Fund needs a joint decision from local insurers to form a management body
The Agricultural Insurance Fund needs to obtain a license from the Central Bank of Azerbaijan. It will be possible only after the number of companies, participating in the charter capital of its management company, is defined, Trend reports citing Fuad SAGIDOV, Chairman of the Fund's Board.
4 June 2020STATISTICS: AZERBAIJAN, 1Q2020: Voluntary insurance generated GWP twice as muсh than in mandatory
Insurers of Azerbaijan ended the first quarter of 2020 with GWP worth of AZN 241 million (~EUR 128.5 million), which in local currency reflects an increase of 19.7% y-o-y, as the data published by the regulator show.
4 June 2020AZERBAIJAN: MTPL rates, insured amounts and bonus-malus system require revision
MTPL rates in Azerbaijan were established in 2011 and since then remained unchanged. A special group was created to work in the direction of changing the rates and insurance amounts, according to the Executive director of the Compulsory Insurance Bureau of the country, Rashad AHMADOV, as reported by Trend.
2 June 2020AZERBAIJAN: Central Bank's market improvement plan may lead to the closure of several companies
The regulator's plan to improve the market situation may result in closure of several insurance companies. The Central Bank recently announced the cancellation of the license of Standard Insurance company, while several other insurers may be closed as well, based on the regulator's improvement plan, Trend informed.
27 May 2020AZERBAIJAN: Central Bank revoked the license of Standard Insurance
The Central Bank of Azerbaijan (CBA) has decided to revoke the license of Standard Insurance, as the agency FINEKO ABC.AZ informed.
20 May 2020AZERBAIJAN: PASHA Insurance assigned 'BB+' rating, outlook stable
S&P Global Ratings assigned its 'BB+' long-term insurer financial strength and issuer credit ratings to Azerbaijan-based PASHA Insurance, the outlook is stable, the agency said in its report.
21 April 2020AZERBAIJAN: insurers are expanding their lines of online products due to pandemic
Gunay Sigorta has expanded its product line of online insurance services, based on the authorities requirements and recommendations to prevent the spread of the coronavirus infection, Trend reports citing the insurer.
15 April 2020AZERBAIJAN: in February GWP dropped amid rising paid claims
In January and February this year, Azerbaijani insurers generated GWP in the amount of AZN 190.74 million (~EUR 101.78 million), which is almost 44% more y-o-y, according to the Central Bank of the country.
8 April 2020AZERBAIJAN: corporate and retail segments are decreasing during the quarantine
The measures under the special quarantine regime in Azerbaijan, aimed to limit the spread of the infection, are negatively affecting the domestic economic activity, and thus, work and results of the insurers, according to Trend.
8 April 2020AZERBAIJAN: AIA: insurance sector must prepare a plan for switching to a remote mode of operations
The fight against spread of COVID-19 requires urgent and forced measures that affect all areas of activity, including insurance industry.
2 April 2020AZERBAIJAN: "updates" to the legislation of compulsory insurance are required
In 2020 Azerbaijan is expecting changes in insurance legislation, especially related to compulsory insurance, according to the Chairman of the board, the Association of insurers of Azerbaijan, Azer ALIYEV, as Trend news agency informed.
26 March 2020AZERBAIJAN: PASHA Insurance saw record growth in January
In January 2020, the GWP of the leading non-life insurer of Azerbaijan, PASHA Insurance, amounted to almost half of the total market's GWP, reaching AZN 56.6 million (~USD 33.3 million), which is at the same time AZN 10.1 million (USD 5.9 million) more than the insurer's GWP a year ago, Trend reports based on the data of the Central Bank.
12 March 2020AZERBAIJAN: loss ratio of the compulsory liability insurance of vehicle owners grew by more than 4% y-o-y in January
In January 2020, collected GWP for compulsory liability insurance of vehicle owners amounted to AZN 6.9 million (~USD 4 million), while the paid claims exceeded AZN 6 million (~USD 3.5 million), resulting in a loss of 87.5%, Trend reports based on the Azerbaijani Central Bank's data.
11 March 2020STATISTICS: AZERBAIJAN, FY2019: life insurance caused negative market results (-6.43%)
At the end of 2019, Azerbaijani market GWP decreased by 6.43% y-o-y in local currency, to AZN 681.18 million (EUR 357.85 million), while paid claims, on the contrary, saw a rapid growth (+25.47%), according to the regulator's data.
5 March 2020AZERBAIJAN: the country ranks 3rd among CIS safest travel destinations
Azerbaijan ranked third among the safest travel destinations in CIS region, according to the ranking of the famous Insurly website, while its worldwide ranking took 52nd place among 180 countries safest for tourists.
27 February 2020AZERBAIJAN: AM Best withdrew PASHA Credit Ratings at company's request
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" of Azerbaijan-based PASHA Insurance OJSC.
23 January 2020AZERBAIJAN: new departments established in Central Bank due to transfer of regulatory and supervisory functions
As the Central Bank of Azerbaijan announced on its website, there has been some structural changes in connection with the transfer to the Central Bank of the powers of the Financial Market Supervisory Authority (FIMSA), which was abolished under the president's decree, Trend reports.
20 January 2020
