Azerbaijan
AZERBAIJAN: 5 insurers collected 79% of total GWP in January-November 2022
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.
16 January 2023AZERBAIJAN: from January to November the largest payment of the Compulsory Insurance Bureau of Azerbaijan abroad recorded in Germany
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.
9 January 2023AZERBAIJAN: in 10 months, growth in life insurance exceeded 46%
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.
7 December 2022AZERBAIJAN: in 10M2022 the insurance sector grew by 13% y-o-y
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.
29 November 2022STATISTICS: AZERBAIJAN, 3Q2022: life insurance continued to grow, taking over half of the market portfolio
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.
24 November 2022AZERBAIJAN: from January to October, compulsory state social insurance increased by 18.4%
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.
21 November 2022AZERBAIJAN: PASHA Life Insurance maintains its leading position in the market
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, Trend reports.
10 November 2022AZERBAIJAN: digitalization of compulsory real estate insurance will allow CBA to regulate the market and processes
According to the Executive Director of the Central Bank of Azerbaijan (CBA) Ziya ALIYEV, CBA is working on digitalization of compulsory real estate insurance processes, Trend wrote.
31 October 2022AZERBAIJAN: The first meeting of insurance organizations-members of the Insurance Community of the Turkic World to be held in October
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.
13 October 2022AZERBAIJAN: from January to August, 84% of paid claims and 80% of premiums accounted for by only 5 insurance companies
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.
5 October 2022AZERBAIJAN: new rules in insurance will allow to provide better services
The Central Bank of Azerbaijan (CBA) has adopted new rules in insurance, which are to increase the level of satisfaction of policyholders, Trend reports according to Vusal GURBANOV, director of the CBA's insurance control department.
27 September 2022AZERBAIJAN: from January to July, paid claims of 13 out of 20 insurance companies increased y-o-y
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.
31 August 2022AZERBAIJAN: from January to July, compulsory health insurance increased by more than 40% y-o-y
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.
18 August 2022STATISTICS: AZERBAIJAN, 1H2022: the market growth is supported by life insurance, which jumped by 27% y-o-y
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.
11 August 2022AZERBAIJAN: PASHA Life's business expands 31% y-o-y in the second quarter
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.
3 August 2022AZERBAIJAN: in the first half of the year compulsory health insurance increased by 44.4%
From January to June 2022, compulsory health insurance in Azerbaijan increased by 44.4% compared to the same period last year, reaching AZN 385.78 million (EUR 216.73 million), Trend.wrote.
22 July 2022AZERBAIJAN: proposals made to expand the list of objects of agricultural insurance
Several proposals to expand the list of objects of agricultural insurance have been presented to the government of Azerbaijan, Trend wrote referring to the insurance expert Kamran BABAYEV.
12 July 2022AZERBAIJAN: 82% of GWP for January-May collected by 5 insurers
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.
29 June 2022AZERBAIJAN: the National Green Card Bureau of Azerbaijan accepted as a full member of CoB
The transitional status of the National Green Card Bureau of Azerbaijan was terminated and the Bureau was accepted as a full member of CoB, said Rashad AHMADOV, Executive Director at National Green Card Bureau of Azerbaijan and Executive Director at Compulsory Insurance Bureau of Azerbaijan, on social media.
15 June 2022STATISTICS: AZERBAIJAN, 1Q2022: market growth supported by life insurance, which generated almost 41% of the portfolio
Azerbaijan's insurance sector ended the first quarter of 2022 with a 3.79% growth, reaching AZN 258.42 million (EUR 136.19 million). At the same time, a more favorable exchange rate of the manat vs euro allowed the market to grow by 8.84% in European currency, according to the statistics published by the National Bank.
31 May 2022
