The Belarusian Asoba insurance company intends to enter the Azerbaijani market, the company's general director Vladimir Korobushkin said during the Azerbaijan International Insurance Forum-2024 (AIIF-2024), Trend reports.

In the first 7 months of 2024, the insurance market of Azerbaijan increased by 9.5% to AZN 833.85 million (~EUR 453.18 million), ABC.AZ writes with reference to the Central Bank of Azerbaijan.

The insurance market of Azerbaijan ended the first half of 2024 with a growth of 11.74% y-o-y, amounting to AZN 725.16 million (EUR 399.10 million). At the same time, paid claims jumped by 58.48% to AZN 356.63 million (EUR 196.28 million), according to the data published by the National Bank.

Based on the decision of the Bureau’s Board of Trustees, Vusal Masiev has been appointed executive director of the Compulsory Insurance Bureau (ISB), Trend reports.

In January-May 2024, 17 insurance companies in Azerbaijan collected AZN 643.75 million (~EUR 349.86 million), which is 13.65% more y-o-y. At the same time, total paid claims amounted to AZN 274.83 million (+57.6%), ABC.AZ reports with reference to the Central Bank of Azerbaijan.

Azerbaijan’s exposure and vulnerability to the earthquake risk, as well as the measures to cope with the financial impact of such events were the topics of the A Resilient Financial System Against Catastrophic Risks Conference, organized on 22-23 May, by the Central Bank of Azerbaijan and the Compulsory Insurance Bureau, with the participation of T-Rupt, a Türk Reasürans group company specializing in insurance and reinsurance technology solutions.

In January-April 2024, the insurance market of Azerbaijan grew by 16% or AZN 75.31 million. At the same time, the best positive dynamics was recorded in voluntary insurance, ABC.AZ reports with reference to the Central Bank of Azerbaijan.

At the end of 1Q2024, the insurance market of Azerbaijan grew by 7.56%, reaching AZN 373.14 million (EUR 203.68 million). However, paid claims rose by almost 50%, amounting to AZN 153.33 million (EUR 83.69 million), as statistics published by the National Bank show.

Negotiations are underway with the Turkish Insurance Data Center about creation of a similar system to support digital transformation in the insurance sector in Azerbaijan, ABC.AZ wrote.

The CEO of the Azerbaijan Insurance Association (ASA) Elmar Mirsalayev held a meeting with the Ambassador Extraordinary and Plenipotentiary of Turkmenistan to Azerbaijan Gurbanmammet Elyasov. At the meeting the parties agreed on establishing ties in insurance, Trend reports.

As of January 1, 2024, the assets of the insurance sector of Azerbaijan amounted to AZN 1.80 billion (~EUR 0.96 billion), which is 13.2% more than at the end of 2022, ABC.AZ writes with reference to the report of the Cabinet of Ministers for 2023.

In February S&P Global Ratings revised its outlook on PASHA Insurance (the market leader) to positive from stable. At the same time, the agency affirmed its 'BB' long-term issuer credit and financial strength ratings on the insurer, the rating agency reported.

A total of 57,347 Green Card contracts were issued in Azerbaijan last year, under which AZN 10 million (USD 5.88 million) were collected, Trend reports citing the Compulsory Insurance Bureau of Azerbaijan. According to the Bureau, the number of contracts grew by 2.6 times y-o-y, while GWP rose by 3.4 times.

Criteria for classifying systemically important insurance businesses have been approved in Azerbaijan. Chairman of the Central Bank of Azerbaijan (CBA) Taleh Kazimov signed a corresponding decision, Trend reports.

The Central Bank of Azerbaijan (CBA) has added Insurance Broker Magnus, a local affiliate of Georgian insurance giant Magnus, to the registry, Trend reports.

By decree of the President of the Republic of Azerbaijan dated January 31, 2024, the State Insurance Commercial Company was liquidated, Trend reports.

At the end of 2023, the insurance market of Azerbaijan grew by almost 26% to AZN 1.222 million (EUR 651.46 million). However, paid claims increased by 35% y-o-y, reaching AZN 587.32 million (EUR 312.97 million), as the data published by the National Bank show.

In Azerbaijan, it is planned to increase the assets of the insurance sector from the current AZN 1.9 billion (~EUR 1.02 billion) to AZN 3.7 billion (~EUR 2 billion), Report writes with reference to the “Financial Sector Development Strategy for 2024-2026” approved by the Central Bank of Azerbaijan (CBA).

In January-November 2023, the life insurance market in Azerbaijan amounted to AZN 572.82 million (~EUR 309.63 million), which is 27% more y-o-y, Trend reports, citing data from the Central Bank.

According to an assessment conducted by the Central Bank of Azerbaijan over the past year, most mandatory vehicle insurance clients complain about Xalq Sigorta, ABC.AZ writes. Based on the 3Q2023 results, the insurer ranks 9th among 20 companies in the market.