Azerbaijan
AZERBAIJAN: PASHA Life maintains a leading position in the market; A-Group's quarterly growth exceeded 18%
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, Trend reports.
10 May 2022AZERBAIJAN: in January-March, 5 insurers accounted for more than 81% of GWP and over 75% of all paid claims
In January-March 2022, 5 insurance companies generated AZN 210.73 million (~EUR 112 million) or 81.55% of the total GWP in Azerbaijan, ABC.AZ reports.
3 May 2022AZERBAIJAN: GWP of A-Group for the first quarter of 2022 increased by 18% y-o-y
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), Trend reports.
27 April 2022AZERBAIJAN: mandatory state social insurance increased by 17% from January to March
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.
19 April 2022AZERBAIJAN: in January-February the market rose 11% y-o-y
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.
4 April 2022Insurance market in Azerbaijan may see rising insurance prices because of the war in Ukraine
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.
31 March 2022AZERBAIJAN: digitalization of three more types of compulsory insurance is planned
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.
28 March 2022AZERBAIJAN: A-Group's net profit in 2021 decreased, while premiums rose
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.
14 March 2022AZERBAIJAN: Status Insurance Broker becomes a new branch of Brokerslink global brokerage platform
Status Insurance Broker from Azerbaijan has been added by Brokerslink global brokerage platform to its global network as a new branch, according to a press-release of Full Circle Communications.
23 February 2022AZERBAIJAN: in January, GWP increased by more than 13% y-o-y
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.
21 February 2022STATISTICS: AZERBAIJAN, FY2021: GWP went 16% up, while paid claims decreased 1.4% y-o-y (in local currency)
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.
1 February 2022AZERBAIJAN: direct settlement in MTPL is planned to be introduced in Azerbaijan
Over 90% of cars in Azerbaijan are insured under MTPL, said Vusal GURBANOV, director of the department for control over insurance activities of the Central Bank of Azerbaijan, Forinsurer reports.
11 January 2022AZERBAIJAN: for 11 months of 2021, GWP of insurers increased by almost 15% y-o-y
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.
27 December 2021AZERBAIJAN: GWP in 10 months grew by more than 12% y-o-y
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.
7 December 2021AZERBAIJAN: Azerbaijan and Turkey discuss further steps of forming relations in insurance
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.
1 December 2021AZERBAIJAN: over AZN 1.1 billion to be allocated for mandatory health insurance in 2022
In 2022 over AZN 1.1 billion (~USD 647 million) is planned to be allocated for mandatory health insurance in Azerbaijan, according to the Finance Minister Samir SHARIFOV, Trend reports.
24 November 2021STATISTICS: AZERBAIJAN, 3Q2021: life insurance grew by more than 21% y-o-y (in AZN)
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.
2 November 2021AZERBAIJAN: in January-September 6 out of 20 insurance companies recorded GWP decrease y-o-y
According to ABC.AZ, in January-September 2021, GWP decreased in 6 out of 20 insurance companies in the country, while 14 insurance companies recorded growth.
1 November 2021AZERBAIJAN: A-Qroup's GWP grew by 30% y-o-y in three quarters
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, Trend reports.
26 October 2021AZERBAIJAN: 5 insurers account for over 77% of GWP and 88% of paid claims in January-August
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.
28 September 2021
