In Azerbaijan, in January-September 2023, paid claims in voluntary insurance increased, amounting to AZN 320.15 million (EUR 178 million), which is 29% more y-o-y, ABC.AZwrites with reference to the Central Bank report.
The agricultural insurance system in Azerbaijan covers 96% of arable land, as stated by Firdovsi Agashirinov, Deputy Chairman of the Board of the Agricultural Insurance Fund of Azerbaijan, Trend reports.
According to the 3Q2023 results, the insurance market of Azerbaijan grew by 28.17% to AZN 937.24 million (EUR 521.12 million). It is worth noting that GWP growth outpaced the growth in paid claims, which increased by 25.67%, amounting to AZN 400.39 million (EUR 222.62 million), as statistics published by the National Bank show.
For the period from January to September, compulsory state social insurance in Azerbaijan amounted to about AZN 3.7 billion (~EUR 2.05 billion), which is 14% more y-o-y, Trend writes with reference to the State Tax Service under the Ministry of Economy of Azerbaijan.
A working group on the expansion of the banking-insurance model (bancassurance) will be established in Azerbaijan soon, according to the president of the Azerbaijan Banks Association Zakir Nuriyev, Trend reports.
From January to August 2023, GWP in voluntary health insurance in Azerbaijan amounted to AZN 91.22 million (~EUR 49.58 million), which is 7.6% more y-o-y, Trend writes with reference to the Central Bank of Azerbaijan.
During January-August 2023, 20 insurance companies of Azerbaijan collected AZN 846.854 million (~EUR 455.30 million) of GWP, which is 29.3% more than in the same period last year, ABC.AZ writes with reference to the Central Bank of Azerbaijan.
Azerbaijan's insurance market ended 1H2023 with an increase of 32%, reaching AZN 648.95 million (EUR 350.38 million). At the same time, the growth of paid claims was less significant (+28.65%), their total volume reached AZN 225.03 million (EUR 121.50 million), according to the data published by the National Bank.
In Azerbaijan, with the joint cooperation of the Central Bank of Azerbaijan, the Association of Insurers and the Compulsory Insurance Bureau, the "Insurance Festival" was organized for the first time, Trend writes.
In the first half of 2023, 29,516 insurance contracts were issued within the Green Card system in Azerbaijan, which is 2.4 times more y-o-y, ABC.AZ reports with reference to the Compulsory Insurance Bureau.
In 2023, about 420,000 hectares of sown areas were insured in Azerbaijan. The number of appeals to the Agricultural Insurance Fund in connection with damage to sown areas, according to Fuad Sadygov, Chairman of the Board of the Fund, has reached 7,000 year to date, Trend writes.
The Central Bank of Azerbaijan (CBA) predicts that by the end of 2023, the insurance sector will amount to AZN 1.2-1.3 billion (~EUR 0.68 billion), as was stated by CBA Director General Ziya Aliyev at the scientific and practical conference "Successful Ways to Resolve Insurance Disputes", ABC.AZ wrote.
As a result of heavy rains, mudflows, strong winds and hail, farms were damaged in several regions of Azerbaijan, in connection with which the number of applications to the Agricultural Insurance Fund has increased in recent days, Trend reports.