Azerbaijan has been accepted as the 49th member state of the Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, Trend reports with reference to the ICIEC.
Concentration of the insurance sector in Azerbaijan is quite high. Of the AZN 875.13 million (~EUR 494.42 million) of GWP collected in January-November 2022, AZN 691.13 million or 79% fell on 5 insurance companies.
The amount of payments that the Compulsory Insurance Bureau of Azerbaijan made from January through November 2022 under the Green Card system reached about AZN 531,000 (~USD 312,350) for road traffic accidents that occurred abroad, Trend reports according to the Bureau.
In January-October 2022, life insurance premiums in Azerbaijan collected by five insurance companies reached AZN 327.1 million (~EUR 193.55 million), which is 46.6% more y-o-y, ABC.AZ wrote with reference to the data of the insurance association.
In January-October 2022, 20 Azerbaijani insurers collected premiums in the amount of AZN 797.625 million (EUR 471.96 million), which is 13% more than a year earlier for the same period, ABC.AZ reports citing the Central Bank of Azerbaijan.
Azerbaijan's insurance sector ended 3Q with an increase of 12.24%, reaching AZN 731.22 million (EUR 438.62 million). At the same time, paid claims decreased by 14.69% to AZN 318.61 million (EUR 191.12 million), according to the statistics published by the National Bank.
From January to October 2022, compulsory state social insurance in Azerbaijan amounted to about AZN 3.7 billion (~EUR 2.19 billion), ABC.AZ reports citing the State Tax Service under the Ministry of Economy. This result is 18.4% more than in the same period in 2021.
PASHA Life Insurance, maintained its leading positions in the insurance market in general and growth trends in the third quarter of this year. The company's capital amounted to AZN 62 million, total assets - to AZN 519 million (~EUR 310.77 million), which is 30% more y-o-y, Trendreports.
The Association of Insurers of Azerbaijan has prepared a "road map" of the Insurance Community of the Turkic World. The first meeting of insurance companies-members of the Community will be held in October, Trend wrote with reference to the association.
Total amount of paid claims in Azerbaijan from January to August 2022 reached AZN 283.67 million (~EUR 164.92 million), while AZN 238.21 million or 84% fell on 5 insurance companies only, ABC.AZ reports citing Renkinq.
The Central Bank of Azerbaijan (CBA) has adopted new rules in insurance, which are to increase the level of satisfaction of policyholders, Trendreports according to Vusal GURBANOV, director of the CBA's insurance control department.
According to the results of January-July 2022, paid claims of 13 out of 20 insurance companies in Azerbaijan increased compared to the same period last year, ABC.AZ wrote referring to the report of the Central Bank.
For seven months of this year, from January to July, compulsory health insurance increased by 40.5% compared to the same period last year, up to AZN 458.6 million (~EUR 263.56 million). The forecast was fulfilled by 103.3%, Trend wrote.
In the first half of 2022, the insurance sector of Azerbaijan grew by 8.67% to AZN 491.60 million (EUR 276.63 million). At the same time, paid claims fell by more than 29%, reaching AZN 174.92 million (EUR 98.43 million), according to statistics published by the National Bank.
PASHA Life Insurance, the leading life insurer in Azerbaijan, continued to maintain its leading position in the second quarter of 2022 with a total capital of AZN 57.8 million (~EUR 32.47 million). The company's total assets amounted to AZN 495 million, Trend wrote.
For the period from January to May 2022, GWP of insurers amounted to AZN 426.63 million (EUR 234.41 million). At the same time, AZN 349.98 million or 82% were collected by 5 insurance companies, abc.az wrote.