Azerbaijan
AZERBAIJAN: voluntary travel insurance decreased in January-August
GWP and paid claims in Azerbaijan for voluntary travel insurance decreased in January-August 2024, ABC.AZ reports with reference to the Central Bank.
9 October 2024AZERBAIJAN: Bakı Sığorta excluded from the Compulsory Insurance Bureau
Bakı Sığorta has been excluded from the list of insurance companies-members of the Compulsory Insurance Bureau (ISB), ABC.AZ writes with reference to the ISB.
9 October 2024AZERBAIJAN: CBA and the ICIEC signed a Memorandum of Understanding
The Central Bank of Azerbaijan (CBA) signed a Memorandum of Understanding with the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), aimed at expanding the use of Islamic insurance services in the country, Trend reports.
1 October 2024AZERBAIJAN: The Belarusian Asoba to enter the Azerbaijani market
The Belarusian Asoba insurance company intends to enter the Azerbaijani market, the company's general director Vladimir Korobushkin said during the Azerbaijan International Insurance Forum-2024 (AIIF-2024), Trend reports.
4 September 2024AZERBAIJAN: from January to July, paid claims’ growth exceeded 55%
In the first 7 months of 2024, the insurance market of Azerbaijan increased by 9.5% to AZN 833.85 million (~EUR 453.18 million), ABC.AZ writes with reference to the Central Bank of Azerbaijan.
29 August 2024STATISTICS: AZERBAIJAN, 1H2024: life insurance generates almost 56% of the market premium portfolio
The insurance market of Azerbaijan ended the first half of 2024 with a growth of 11.74% y-o-y, amounting to AZN 725.16 million (EUR 399.10 million). At the same time, paid claims jumped by 58.48% to AZN 356.63 million (EUR 196.28 million), according to the data published by the National Bank.
15 August 2024AZERBAIJAN: new executive director of the Compulsory Insurance Bureau appointed
Based on the decision of the Bureau’s Board of Trustees, Vusal Masiev has been appointed executive director of the Compulsory Insurance Bureau (ISB), Trend reports.
8 July 2024AZERBAIJAN: in January-May the market rises 13.65% y-o-y
In January-May 2024, 17 insurance companies in Azerbaijan collected AZN 643.75 million (~EUR 349.86 million), which is 13.65% more y-o-y. At the same time, total paid claims amounted to AZN 274.83 million (+57.6%), ABC.AZ reports with reference to the Central Bank of Azerbaijan.
2 July 2024A Resilient Financial System Against Catastrophic Risks Conference, Azerbaijan – participation of Turkish T-Rupt brough latest earthquake modeling knowledge
Azerbaijan’s exposure and vulnerability to the earthquake risk, as well as the measures to cope with the financial impact of such events were the topics of the A Resilient Financial System Against Catastrophic Risks Conference, organized on 22-23 May, by the Central Bank of Azerbaijan and the Compulsory Insurance Bureau, with the participation of T-Rupt, a Türk Reasürans group company specializing in insurance and reinsurance technology solutions.
13 June 2024AZERBAIJAN: The highest growth in January-April observed in voluntary life insurance
In January-April 2024, the insurance market of Azerbaijan grew by 16% or AZN 75.31 million. At the same time, the best positive dynamics was recorded in voluntary insurance, ABC.AZ reports with reference to the Central Bank of Azerbaijan.
4 June 2024STATISTICS: AZERBAIJAN, 1Q2024: paid claims rise by almost 50% y-o-y
At the end of 1Q2024, the insurance market of Azerbaijan grew by 7.56%, reaching AZN 373.14 million (EUR 203.68 million). However, paid claims rose by almost 50%, amounting to AZN 153.33 million (EUR 83.69 million), as statistics published by the National Bank show.
21 May 2024AZERBAIJAN: Azerbaijan to create analogue of Turkish Insurance Data Center
Negotiations are underway with the Turkish Insurance Data Center about creation of a similar system to support digital transformation in the insurance sector in Azerbaijan, ABC.AZ wrote.
30 April 2024AZERBAIJAN: Azerbaijan and Turkmenistan agreed on building insurance ties
The CEO of the Azerbaijan Insurance Association (ASA) Elmar Mirsalayev held a meeting with the Ambassador Extraordinary and Plenipotentiary of Turkmenistan to Azerbaijan Gurbanmammet Elyasov. At the meeting the parties agreed on establishing ties in insurance, Trend reports.
2 April 2024AZERBAIJAN: insurance sector assets rise by more than 13% in 2023
As of January 1, 2024, the assets of the insurance sector of Azerbaijan amounted to AZN 1.80 billion (~EUR 0.96 billion), which is 13.2% more than at the end of 2022, ABC.AZ writes with reference to the report of the Cabinet of Ministers for 2023.
12 March 2024AZERBAIJAN: PASHA Insurance outlook revised to positive, BB ratings affirmed
In February S&P Global Ratings revised its outlook on PASHA Insurance (the market leader) to positive from stable. At the same time, the agency affirmed its 'BB' long-term issuer credit and financial strength ratings on the insurer, the rating agency reported.
26 February 2024AZERBAIJAN: Green Card market shows significant growth in 2023
A total of 57,347 Green Card contracts were issued in Azerbaijan last year, under which AZN 10 million (USD 5.88 million) were collected, Trend reports citing the Compulsory Insurance Bureau of Azerbaijan. According to the Bureau, the number of contracts grew by 2.6 times y-o-y, while GWP rose by 3.4 times.
26 February 2024AZERBAIJAN: criteria to classify systemically important insurance companies approved
Criteria for classifying systemically important insurance businesses have been approved in Azerbaijan. Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov signed a corresponding decision, Trend reports.
21 February 2024AZERBAIJAN: Georgian insurance company enters the Azerbaijani market
The Central Bank of Azerbaijan (CBA) has added Insurance Broker Magnus, a local affiliate of Georgian insurance giant Magnus, to the registry, Trend reports.
13 February 2024AZERBAIJAN: The State Insurance Commercial Company liquidated
By decree of the President of the Republic of Azerbaijan dated January 31, 2024, the State Insurance Commercial Company was liquidated, Trend reports.
7 February 2024STATISTICS: AZERBAIJAN, FY2023: life insurance generates over half of all market premiums
At the end of 2023, the insurance market of Azerbaijan grew by almost 26% to AZN 1.222 million (EUR 651.46 million). However, paid claims increased by 35% y-o-y, reaching AZN 587.32 million (EUR 312.97 million), as the data published by the National Bank show.
31 January 2024
