Azerbaijan
AZERBAIJAN plans to increase insurance sector assets
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).
29 January 2024AZERBAIJAN: for January-November 2023, about 55% of all paid claims were in life insurance
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.
9 January 2024AZERBAIJAN: Most mandatory vehicle insurance clients complain about Xalq Sigorta
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.
18 December 2023AZERBAIJAN: in 2024, the budget of the Unemployment Insurance Fund will be 9.3% more than in 2023
In 2024, the income and expenses of the Unemployment Insurance Fund in Azerbaijan will amount to AZN 238 million (or USD 140 million), which is AZN 20.3 million, or 9.3% more than this year, Trend reports.
12 December 2023AZERBAIJAN: from January to October the market growth exceeded 27% y-o-y
For the first 10 months of 2023, 20 insurance companies in Azerbaijan collected over AZN 1 billion (~EUR 0.55 billion), which is 27.8% more y-o-y, ABC.AZ wrote with reference to the Central Bank (CBA).
27 November 2023AZERBAIJAN: voluntary insurance paid claims increased by 29% in January-September
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.AZ writes with reference to the Central Bank report.
13 November 2023AZERBAIJAN: 96% of arable land is covered by the agricultural insurance system
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.
6 November 2023STATISTICS: AZERBAIJAN, 3Q2023: GWP growth outpaced paid claims by 2.5%
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.
1 November 2023AZERBAIJAN: Agricultural Insurance Fund payments to farmers increase annually
The Agricultural Insurance Fund of Azerbaijan, which insures farmland and farms, has begun paying damages to farmers in connection with events and registered losses during 2023, Trend reports.
30 October 2023AZERBAIJAN: The budget of the Compulsory Health Insurance Fund for 2024 to be 17.5% more than forecast
The budget of the Compulsory Health Insurance Fund in Azerbaijan for 2024 will amount to AZN 2.811 billion (EUR 1.56 billion), ABC.AZ writes with reference to a message from the Ministry of Finance.
25 October 2023AZERBAIJAN: social and compulsory health insurance increased from January to September
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.
19 October 2023AZERBAIJAN: The Association of Insurers and the Association of Banks of Azerbaijan are expanding the banking-insurance model
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.
10 October 2023AZERBAIJAN: paid claims in voluntary health insurance for January-August decrease by 2.8% y-o-y
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.
4 October 2023AZERBAIJAN: market expanded by 29% y-o-y in January-August
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.
25 September 2023AZERBAIJAN: in January-July PASHA Life and PASHA Insurance premiums increase by more than 30% y-o-y
During January-July of this year, the leader of the Azerbaijani insurance market, PASHA Həyat (PASHA Life), collected AZN 327 million (EUR 174.86 million), which is 32% more y-o-y, ABC.AZ reports.
18 September 2023AZERBAIJAN: compulsory real estate insurance increases by 60% over 7 months
During the period from January to July 2023, AZN 58.9 million (~EUR 31.49 million) of compulsory real estate insurance premiums were collected in Azerbaijan, ABC.AZ writes.
11 September 2023STATISTICS: AZERBAIJAN, 1H2023: life paid claims jump 52%, while in non-life this change was only 7%
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.
31 August 2023AZERBAIJAN: Central Bank, Association of Insurers and Compulsory Insurance Bureau of Azerbaijan organize "Insurance Festival" for the first time
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.
29 August 2023AZERBAIJAN: in 1H2023 Green Card premiums increased by almost 6 times y-o-y
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.
16 August 2023AZERBAIJAN: compensation payments to farmers affected by natural disasters to begin in August
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.
7 August 2023
