Ipək Yolu Sığorta's profit decreased — The company shrank

Ipək Yolu Sığorta completed 2023 with profit of 667,000 manats (27% less versus 2022 - 913,000 manats).

A-Group’s core operating income declined - Report

A-Qroup Sığorta Şirkəti (A-Group) has announced the financial results for 2023, and it became known that company's core operating income decreased, ABC.AZ reports with reference to company's financial statements.

Tariff of compulsory insurance of electric vehicles increased — Reason

The Central Bank explained the reason for the increase in the tariff for compulsory insurance of electric vehicles.

CBA cancels license of Azərsığorta

The Central Bank of Azerbaijan has cancelled the license of Azərsığorta OJSC, ABC.AZ reports with reference to the CBA.

Azerbaijan state commercial insurer and Naxçıvansığorta excluded from this list

In Azerbaijan, two insurance companies have ceased their activity under the Green Card system, ABC.AZ reports with reference to the Compulsory Insurance Bureau.

Azercosmos to allocate 85,000 manats for VMI employees

Azerbaijan observes 5-fold growth on cargo insurance payments

Azerbaijan has reported about growth of freight insurance premiums and compensation payments, ABC.AZ informs with reference to the Central Bank.

Two insurers excluded from Compulsory Insurance Bureau

Naxçıvan Sığorta and Azərsığorta (state commercial insurance company) have been excluded from the list of member insurance companies in the Compulsory Insurance Bureau.

Foreign insurer entered Azerbaijani market first time in 5 years

An insurance company of Georgia has entered the Azerbaijani market.

Central Bank restores insurance agent licenses of 5 individuals

The Central Bank of Azerbaijan has restored licenses issued to 5 individuals for insurance agent activity

President signs a decree on liquidation of Azərsığorta

State commercial insurer Azərsığorta (Azerbaijan) has been liquidated.

Merger or voluntary liquidation of small insurers

It is not ruled out that small insurance companies in Azerbaijan will merge or voluntarily leave the market.

Goal of developing the institution of insurance agent set

The insurance sector will develop the institution of insurance agent.

Total insurance premium per capita to increase from 121 to 195 manats

The Central Bank's Financial Sector Development Strategy for 2024-26 has been adopted.

Insurers whose premiums declined by 14%

Insurance company A-Group has published the report on premiums and compensation payments for Jan-Dec 2023.

Azerbaijan reports growth on life insurance premiums

The life insurance premiums observe growth in Azerbaijan.

Voluntary insurance grows - Report

Voluntary insurance premiums and compensation payments observe growth in Azerbaijan.

This type of insurance increased by 50%

Azerbaijan observed growth on premiums and compensation payments on compulsory civil liability insurance of motor vehicle owners.

Mandatory insurance premiums increased more than by 37%

The premiums and compensation payments on compulsory insurance have increased in Azerbaijan.

In 2023, insurers increased premiums by 25.9%

Insurers with the least premiums for 2023

Compared with 2022, last year the insurance premiums of 5 out of 20 insurance companies in Azerbaijan decreased, and 15 ones increased.