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.
In January-August 2021, total GWP of the insurance sector in Azerbaijan amounted to AZN 580.59 million (~EUR 289.37 million*), while AZN 448.67 million or 77.3% were generated by 5 insurance companies, ABC.AZ writes.
GWP on credit insurance in Azerbaijan increased by more than seven times y-o-y as of beginning July 2021, Trend reports with reference to the reporting data of the Central Bank of Azerbaijan (CBA), which is the regulator of the insurance market.
Azerbaijan's A-Qroup insurance company has been included in the register of members of the Union of Legal Entities of the Compulsory Insurance Bureau (CIB) of the country, Trend reported referring to the CIB. And the number of CIB participants has reached 19.
In the first six months of the year, GWP on voluntary cargo insurance in Azerbaijan decreased by 24.5% y-o-y and amounted to about AZN 2.6 million/~EUR 1.3 million* (vs AZN 3.5 million by the end of June 2020), Trend reports with reference to the statistics of the Central Bank of Azerbaijan (CBA).
The insurance sector ended the first half of 2021 with an impressive 11.31% y-o-y growth (in local currency), with GWP reaching AZN 452.37 million (EUR 223.55 million), according to data released by the Central Bank of Azerbaijan.
The leading life insurer in Azerbaijan, PASHA Life Insurance, published its financial statements for the second quarter of 2021. Financial indicators show that the company continues to maintain its leading positions in the insurance market, Trend said.
The All-Russian Insurance Association (ARIA) and Azerbaijan Insurers Association signed a memorandum of cooperation on the initiative of the Azerbaijani side during the visit of President of ARIA Igor YURGENS to Baku, Trend reports with reference to the Azerbaijan Insurers Association.
The domestic insurance market coped to avoid the large-scale negative effects of the COVID-19. However, the summary indicators for January and February indicate a relatively negative impact, at the same time, according to the results of the first quarter of 2021, there is a positive tendency, said Executive Director of the Azerbaijan Insurers Association (AIA) Elmar Mirsalayev for Trend.
The Asian Development Bank will support the development of the insurance market in Azerbaijan, this was discussed during the meeting between the Azerbaijani Insurers Association (AIA) management and the Head of the Permanent Mission of the Asian Development Bank (ADB) in Azerbaijan Candice McDeigan, Azernews reported.
From January to April GWP in MTPL grew by 9.5% y-o-y to AZN 28.7 million (~EUR 13.93 million*), Trend reports citing the statistical report of the Central Bank of Azerbaijan (CBA). According to the CBA, in 2020 for the same period MTPL GWP the country amounted to AZN 26.2 million.
In the first four months of 2021 premiums from compulsory state social insurance and insurance against unemployment kept positive dynamics in receipts to the state budget of Azerbaijan - 112.6% and 111.4% respectively, as Trend reports referring to the publication of the Minister of Economy of Azerbaijan Mikayil JABBAROV.
Digitalization of the business sector of Azerbaijan and the products of insurance companies will contribute to the expansion of the segment of insurance products against cyber-attacks in the near future, insurance expert Ali Bayramov told Trend news agency.
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.