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AZERBAIJAN: AXA MBASK will terminate its activity
The Azerbaijani insurance company AXA MBASK will terminate its activity and will be liquidated, based on the decision of its management, Trends reported with reference to the State Tax Service under the Ministry of Economy of Azerbaijan.
11 January 2021AZERBAIJAN: for 11 months of 2020, compulsory non-life insurance generated over 23% of the market GWP
In December 2020 GWP of the compulsory non-life insurance in Azerbaijan exceeded AZN 156.8 million (~EUR 77.13 million*), generated for 11 months of the year. This is equal to 23.4% of the total market GWP, as Trend informed according to the data of the Central Bank of the country.
11 January 2021AZERBAIJAN: despite all payments, PASHA Life Insurance received a profit of AZN 2 million more than planned
In 2020, the leader of the insurance market, PASHA Life, which began operations on November 24, 2010, celebrated its 10th anniversary - the number of employees increased from 8 to 250, charter capital exceeded AZN 40 million, and assets amounted to AZN 400 million (~EUR 191.48 million*), said the chairman of the Board of PASHA Life Insurance Niyaz ISMAILOV for Trend.
7 January 2021STATISTICS: AZERBAIJAN, 3Q2020: market growth is supported by life insurance, which increased by more than 17% y-o-y
At the end of 3Q2020, the insurance market in Azerbaijan in local currency increased by 11.30% y-o-y, to AZN 581.51 million (EUR 291.53 million*), according to the data published by the Central Bank.
5 January 2021AZERBAIJAN: in January-October 2020, non-life sector generated 59% of the total market GWP
The results for the first 10 months of 2020 indicate that non-life GWP accounts for 59% of the total market volume. This sector demonstrates dynamic development, despite the difficulties of 2020, said Elmar MIRSALAYEV, executive director of the Azerbaijan Insurers Association (AIA) for Trend.
5 January 2021AZERBAIJAN: mandatory health insurance to be introduced throughout Azerbaijan in 2021
From January 1, 2021 in accordance with the law on "Health insurance" citizens, working in the state and oil sectors, non-state and non-oil sectors, individuals performing work on the basis of civil contracts of a legal nature, as well as those engaged in entrepreneurial activity will pay for mandatory health insurance, Trend reported.
5 January 2021AZERBAIJAN: Insurers' Association launches training program for actuaries
The Azerbaijan Insurers Association (AIA), together with the organizational support of the Central Bank of Azerbaijan, is carrying out a large-scale training program with the help of experienced insurance employees of Turkey, Trend reports citing the AIA.
17 December 2020AZERBAIJAN: Life and compulsory non-life insurance is demonstrating steady growth
From January to October 2020, the Azeri life insurance market totaled AZN 259.2 million (EUR 130.51 million*) exceeding the same period of 2019 by 16%, Trend reports referring to the Azerbaijani Central Bank (CBA).
9 December 2020AZERBAIJAN: AzRe rated B+ (good) by A.M. Best
On December 4, 2020 A.M. Best rating agency affirmed the financial strength rating of B+ (Good) and the long-term issuer credit rating of "bbb-" of AzRe Reinsurance (Azerbaijan), with positive outlook, according to the agency's report.
8 December 2020AZERBAIJAN: Creditors of Standard Insurance receive compensation from the Compulsory Insurance Bureau
About 3,400 creditors of Standard Insurance have already received compensation from the Compulsory Insurance Bureau of Azerbaijan. Standard Insurance was declared bankrupt and its license was revoked this year in May, Trend reports with reference to the bureau.
8 December 2020AZERBAIJAN: a license issued to the United Agricultural Insurance Company
The United Agricultural Insurance Company received a license to carry out insurance activities. The license was issued by the Central Bank of Azerbaijan, as Trend said with reference to the Azerbaijani Agricultural Insurance Fund.
20 October 2020AZERBAIJAN: Amrah Sigorta to be liquidated
The insurance company Amrah Sigorta, which according to 1H2020 results ranked 17th in the Azeri market among 21 active companies, will stop its activity, as Trend reports.
20 October 2020AZERBAIJAN: the rules for control over calculation and payment of insurance premiums on compulsory health insurance to come into force on January 1, 2024
On October 5, the Cabinet of Ministers adopted a resolution to approve the rules for control over calculation and payments of insurance premiums under compulsory health insurance (CHI). The process of paying insurance premiums by the insured under CHI has been postponed until January 1, 2024.
8 October 2020AZERBAIJAN: The Compulsory Insurance Bureau of Azerbaijan already paid compensations to about 1,000 creditors of Standard Insurance
Standard Insurance company's license was revoked this year in May and the Compulsory Insurance Bureau of Azerbaijan, based on the Azerbaijani legislation, is fulfilling its obligations under the company's compulsory insurance contracts. The Bureau paid already compensations to about 1,000 creditors, as Trend reported referring to the Bureau.
21 September 2020AZERBAIJAN: TOP-5 insurers paid 85% of all the market claims in first seven months of 2020
From January to July 2020, the volume of claims paid by the TOP-5 insurers of Azerbaijan reached AZN 190 million (~EUR 95 million*), which represent 85% of all market paid claims, Trend reports referring to a report from the Central Bank of Azerbaijan.
3 September 2020AZERBAIJAN: the United Agricultural Insurance company registered
The United Agricultural Insurance company has been registered by the State Tax Service under the Azerbaijani Ministry of Economy, as Trend reports citing the Ministry.
2 September 2020AZERBAIJAN: Agroinsurance, one step closer to becoming tangible
In August, a constituent meeting dedicated to creation of a Joint Agricultural Insurance Company was held in Azerbaijan. Seven insurance companies participated in the meeting, as FINEKO and ABC.AZ analytical and information agency reported with a reference to the Agroinsurance Fund.
25 August 2020STATISTICS: AZERBAIJAN, 1H2020: Life insurance GWP increased by 19%, while its paid claims expanded by 164%
Azerbaijani insurance sector ended the first half of 2020 with GWP worth of AZN 400.96 million (~EUR 209.87 million*), which is almost 11% more y-o-y, according to the latest data published by the Financial Markets Supervision Chamber of Azerbaijan (FIMSA).
13 August 2020AZERBAIJAN: Coronavirus pandemic has led to a sharp reduction of MTPL premiums and claims
The impact of the coronavirus pandemic has led to a decrease in cars usage, therefore to a decrease of MTPL claims. In May 2020, the total volume of claims paid dropped by 94% y-o-y, as Trend reports citing the Association of Insurers of Azerbaijan figures.
3 August 2020AZERBAIJAN: premiums in motor insurance for the first five months decreased by 18% y-o-y
According to the Association of insurers of Azerbaijan, the pandemic led to a decrease in premiums in all major insurance segments as of the end of May 2020.
16 July 2020
