In 2021, net profit of the insurance sector of Azerbaijan amounted to AZN 66.04 million (~EUR 34.27 million), which is 27.8% less than in 2020. In the reporting period, the insurance sector's income decreased by 6.7% to AZN 923.64 million, ABC.AZ reports citing Interfax.
PASHA Life, the leading life insurer in Azerbaijan, according to the results for the first quarter of 2022, maintains growth trends and a leading position in the country's insurance market, Trendreports.
GWP growth of the insurance company A-Qroup for the first quarter of 2022 amounted to 18%. According to the insurer, total volume of premiums from January to March reached AZN 4.86 million (~EUR 2.58 million), Trendreports.
For the period from January to March 2022, premiums on mandatory state social insurance in Azerbaijan amounted to AZN 1.47 billion (EUR 0.78 billion), which means an increase of 17% y-o-y, Trend reports.
For the first two months of 2022, GWP of 20 insurance companies in Azerbaijan amounted to AZN 178.30 million (~EUR 93.65 million*), which is 11.1% more y-o-y. At that the insurers collected AZN 143.13 million (+21.6%) in voluntary insurance, ABC.AZ reports citing the Central Bank's figures.
Azerbaijani insurance market may expect a rise in insurance prices in the near future, as a result of local insurers being forced to acquire more expensive reinsurance coverage on the European market, Ugur Ibrahimli, CEO at Mega Life Insurance noted in an article published on LinkedIn.
In Azerbaijan it is planned to digitalize compulsory real estate insurance, compulsory civil liability insurance related to the use of the real estate, as well as compulsory personal accident insurance for passengers, Trend reports according to Rashad AHMADOV, executive director of the Azeri Compulsory Insurance Bureau.
A-Qroup, one of the leading insurance companies in Azerbaijan (included in the top-10), ended 2021 with net profit of about AZN 1 million (~EUR 0.52 million), which is 2.8 times less y-o-y, ABC.AZ reports based on the insurer's financial statements.
In January 2022, 20 Azerbaijani insurers collected AZN 118.23 million (~EUR 61.85 million*) of premiums, abc.az reports according to the data of the Central Bank of Azerbaijan. This is 13.67% higher in the same period a year earlier.
In 2021, Azerbaijani insurers collected AZN 843.90 millions of premiums, which is 15.82% more y-o-y (EUR 438.05 million). Total paid claims amounted to AZN 458.73 million (EUR 238.11 million), down 1.38% from a year earlier, according to the data published by the Central Bank.
For 11 months of this year, 20 insurance companies of Azerbaijan collected AZN 767.91 million (EUR 398.66 million*) in premiums, which is 14.9% more y-o-y, ABC.AZ informed with reference to the Central Bank of Azerbaijan.
In January-October 2021, Azerbaijani insurance companies collected GWP in the amount of AZN 705.70 million (EUR 359.46 million*), which is 12.3% more y-o-y, writes ABC.AZ with reference to the Central Bank of Azerbaijan.
During a recent visit of representatives of the AIA (Azerbaijan Insurers Association) that took place within the framework of a memorandum signed between the AIA and the Insurance Association of Turkey, Azerbaijan and Turkey discussed further formation of relations in insurance, Trend reports with reference to AIA.
The insurance market in Azerbaijan at the end of 3Q2021 grew by almost 13%, up to AZN 655.62 million (EUR 332.40 million). At the same time, paid claims of insurers in local currency increased by 21.36% reaching AZN 373.49 million, according to the data published by the Central Bank of Azerbaijan.
From January to September 2021, GWP of A-Qroup, one of the top ten market leaders in Azerbaijan, amounted to AZN 10.41 million (~EUR 5.29 million*), which is almost 30% more than in the same period in 2020, Trendreports.
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