Azerbaijan
AZERBAIJAN: in 2022 CBA’s expenses on insurance services increased
In 2022 the Central Bank of Azerbaijan (CBA) spent AZN 1.05 million (USD 620,000) on insurance services, Trend reports.
1 August 2023AZERBAIJAN: CBA: in 2023 the market may show almost two-fold growth in four years
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.
1 August 2023AZERBAIJAN: 5 insurers generated over 82% of premiums in January-May
According to the results of January-May 2023, out of 20 insurance companies in Azerbaijan, GWP increased y-o-y for 17, while 3 companies recorded a decrease.
4 July 2023AZERBAIJAN: the number of applications to the Agricultural Insurance Fund has increased
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.
29 June 2023AZERBAIJAN: Should the Compulsory Insurance Bureau be liquidated, the procedure is now clarified
Should the Compulsory Insurance Bureau (ISB) be liquidated, this will happen by a special law, as stated in the draft amendments to the Law on Compulsory Insurance, which was considered in the first reading at a parliamentary session, ABC.AZ reports.
15 June 2023AZERBAIJAN: New appointment at PASHA Sigorta
The Chairman of the Board of Directors of one of the leaders in the insurance market, PASHA Sigorta, has been replaced, ABC.AZ reports.
7 June 2023AZERBAIJAN: 16 out of 20 insurers increased GWP in January-April
In January-April 2023, 16 out of 20 insurance companies in Azerbaijan increased their GWP y-o-y, while premiums of the remaining 4 companies decreased, ABC.AZ wrote with reference to a statistical report published by the Central Bank of Azerbaijan.
31 May 2023STATISTICS: AZERBAIJAN, 1Q2023: Life insurance paid claims skyrocket up more than 215%
The insurance sector of Azerbaijan ended the first quarter of 2023 with an increase of 34%, reaching AZN 346.91 million (EUR 187.17 million). However, growth of paid claims was even more rapid - they jumped by 67% in local currency to AZN 102.29 million (EUR 55.19 million), according to statistics published by the National Bank.
11 May 2023AZERBAIJAN: PASHA Life Insurance business grows by 47% in the first quarter
The leader of the insurance sector, life insurance company PASHA Life Insurance, increased its profit to AZN 9.5 million (~EUR 5.13 million) in the first quarter of 2023. At the same time, the company's paid claims tripled y-o-y, amounting to AZN 48 million, Trend reports.
3 May 2023AZERBAIJAN: Liabilities of insurers grew by 29% in 2022, while assets increased by 19%
As of January 1, 2023, total liabilities of insurers increased by 28.8% to AZN 1,027.85 million (~EUR 0.56 billion). At that, 13 insurers increased their liabilities, while other 7 - decreased. Total long-term liabilities of companies increased by 23.6% to AZN 920.16 million, while total short-term liabilities doubled to AZN 107.68 million, Trend reports.
27 April 2023AZERBAIJAN: in January-February market grew by 24%, MTPL loss ratio decreased by 20.8%
In January-February 2023, total GWP of 20 insurance companies in Azerbaijan amounted to AZN 221.06 million (~EUR 122.81 million), which is 24% more y-o-y, ABC.AZ reports with reference to the data of the Central Bank.
29 March 2023AZERBAIJAN: New chairman elected to the Supervisory Board of the Azerbaijan Insurers Association (ASA)
A new chairman has been elected to the Supervisory Board of the Azerbaijan Insurers Association (ASA), Ulviya Jabbarova, chairman of the board of directors of PASA Sigorta, ABC.AZ reports.
23 March 2023AZERBAIJAN: insurance sector's assets up 20% in 2022
At the end of 2022, total assets of the insurance sector of Azerbaijan amounted to AZN 1.594 billion (~EUR 0.88 billion), ABC.AZ wrote with reference to the report on the activities of the Cabinet of Ministers for 2022. According to the report, this is 20.3% more than at the end of 2021.
23 March 2023AZERBAIJAN: the number of Green Card contracts in 2022 increased by 37% y-o-y, while GWP grew by 25%
In 2022 Azerbaijani insurers issued 22,187 insurance contracts within the Green Card system and collected AZN 3.01 million of premiums on them (~EUR 1.66 million), Trend reports based on data from the Compulsory Insurance Bureau of Azerbaijan.
9 March 2023AZERBAIJAN: Paid claims of the four companies in January exceeded AZN 2 million
The amount of paid claims of each of the four insurance companies of Azerbaijan in January 2023 exceeded AZN 2 million (~EUR 1.08 million), ABC reports.
8 March 2023AZERBAIJAN: the market grew by almost 14% y-o-y in January
In January 2023, 20 Azerbaijani insurance companies collected GWP in the amount of AZN 133.94 million (~EUR 72.4 million), which is 13.7% more than in January 2022, ABC reports.
28 February 2023AZERBAIJAN: PASHA Life sets a new GWP record in the insurance market in 2022
PASHA Life, the country's leading life insurance company, took the leading position among insurance market participants in terms of GWP in 2022. The company set a new record in the insurance market, having collected AZN 407 million (EUR 224.68 million) for all products and made insurance payments to its customers in the amount of AZN 221 million (+17%), Trend wrote.
22 February 2023STATISTICS: AZERBAIJAN, FY2022: life insurance supports market growth
The insurance sector of Azerbaijan ended 2022 with an increase of 15%, reaching AZN 970.82 million (EUR 535.95 million). At the same time, paid claims decreased by 5.56% to AZN 433.20 million (EUR 239.15 million), according to the statistics published by the National Bank.
22 February 2023AZERBAIJAN: The Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC) accepts Azerbaijan as a member
Azerbaijan has been accepted as the 49th member state of the Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, Trend reports with reference to the ICIEC.
1 February 2023AZERBAIJAN: in 2022, compulsory health insurance increased by 38%, and compulsory state social insurance - by 19%
At the end of 2022, insurance payments to the state budget for compulsory health insurance increased by 38.1%, Trend reports.
25 January 2023
