Location: - Southwestern Asia, bordering the Caspian Sea, with a small European portion north of the Caucasus range. - Neighbours: Turkey, Armenia, Georgia, Russia, Iran.
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.
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.
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.
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.
Starting April 1, compulsory health insurance (CHI) covers the entire population of Azerbaijan, Trend reported referring to the State Agency for Compulsory Health Insurance.
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.
Mega Life Insurance was included in the register of the Azerbaijani Compulsory Insurance Bureau, Trend reports with reference to the Compulsory Insurance Bureau.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.