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Azerbaijan 1Q2022 Insurance Companies Ranking
Azerbaijan 1Q2022 Market Portfolio
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STATISTICS: AZERBAIJAN, 1Q2021: mandatory insurance increased by more than 16% y-o-y, but voluntary decreased by 3%
Following the results of the first quarter of 2021, the insurance sector of Azerbaijan showed a fairly moderate growth (+3.42%) to AZN 248.99 million (EUR 125.13 million), according to the data published by the country's Central Bank.
20 May 2021AZERBAIJAN: AIA poll results - insurance have become more affordable
According to the poll, conducted by AIA (the Azerbaijan Insurers Association), citizens and business entities in Azerbaijan believe that insurance services have become more affordable, as Trend reports with reference to the AIA.
11 May 2021AZERBAIJAN: PASHA Life continues to lead in the insurance market in terms of GWP in the first quarter
PASHA Life Insurance announced its results for the first quarter of 2021 and continues to lead in the insurance market in Azerbaijan in terms of GWP, maintaining a growth trend despite the pandemic, Trend reports.
4 May 2021AZERBAIJAN: the Azerbaijani Insurers Association and the Agricultural Insurance Fund to start cooperation
A memorandum on mutual cooperation was signed between the Azerbaijani Insurers Association and the Agricultural Insurance Fund, as MENAFN informed.
13 April 2021AZERBAIJAN: GWP from mandatory health insurance exceeded the target in 1Q2021
GWP from mandatory health insurance in Azerbaijan in the first quarter of 2021 exceeded AZN 112.3 million (EUR 56.3 million*), Trend reported according to the Azerbaijani Minister of Economy Mikayil JABBAROV.
12 April 2021AZERBAIJAN: compulsory health insurance to cover the entire population from April 1
Starting April 1, compulsory health insurance (CHI) covers the entire population of Azerbaijan, Trend reported referring to the State Agency for Compulsory Health Insurance.
6 April 2021AZERBAIJAN: Despite all the difficulties of 2020, the portfolio of PASHA Life grew by 16%
PASHA Life Insurance, the leading life insurance company in Azerbaijan, in 2020 generated GWP worth AZN 221 million (~EUR 105.79 million*). The company's paid claims reached AZN 205 million. Despite the difficult situation in 2020, PASHA Life's GWP portfolio grew by 16%, Trend reports.
22 March 2021AZERBAIJAN: Mega Life Insurance included in the register of the Azerbaijani Compulsory Insurance Bureau
Mega Life Insurance was included in the register of the Azerbaijani Compulsory Insurance Bureau, Trend reports with reference to the Compulsory Insurance Bureau.
16 March 2021AZERBAIJAN: the license of Ravan Sigorta revoked by the Central Bank
The license of the Azerbaijani insurance company Ravan Sigorta has been revoked, Trend reported according to the Central Bank of Azerbaijan.
16 March 2021AZERBAIJAN: Azersigorta is planning to close some of its branches in Baku and other districts
The state insurance commercial company of Azerbaijan, Azersigorta, has decided to close some of its branches in Baku and other districts, as Trend reported on March 1.
4 March 2021AZERBAIJAN: Turkey and Azerbaijan discussed an action plan of cooperation in insurance
In February the Azerbaijan Insurers Association (AIA) and the leadership of the Turkish Insurance Union had an online conference, during which the parties discussed an action plan for the first stage within the framework of mutual cooperation in insurance between the two counties, Trend reported.
2 March 2021AZERBAIJAN: life insurance market got a new player
Mega Life Insurance company received a license for life insurance activities. The Central Bank of Azerbaijan issued the license for the insurer for a period of five years, Trend informed according to the Central Bank.
1 March 2021AZERBAIJAN: Xalq Sigorta: despite the challenging situation, the market experienced growth in 2020, as in previous years
Despite the problems caused by the COVID-19 pandemic, the insurance sector in Azerbaijan has seen growth in a number of segments.
24 February 2021STATISTICS: AZERBAIJAN, FY2020: almost 61% of all claims paid in life insurance
Despite all the challenges of 2020, the insurance sector of Azerbaijan ended the year with an increase of almost 7% (in local currency), GWP amounted to AZN 728.63 million (EUR 348.80 million) at the end of December, as follows from the data published by the Central Bank of the country.
4 February 2021AZERBAIJAN: Baki Sigorta put on the register of the Azerbaijani Compulsory Insurance Bureau
Baki Sigorta insurance company has been put on the register of the Azerbaijani Compulsory Insurance Bureau. The company will provide services in compulsory real estate insurance, civil liability insurance for the operation of real estate, and MTPL, Trend reported referring to the Bureau.
19 January 2021AZERBAIJAN: 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 2021
