Type of insurance with sharply reduced payments

Central Bank's report for Jan-Oct 2022 says about an increase on life insurance and decrease on non-life insurance.

Data on two types of insurance published – growth on one of them and decline on another

The Central Bank has published the financial indicators of the insurance sector for Jan-Oct 2022.

Azerbaijan observes growth of voluntary insurance

Over the past 10 months the insurers companies gathered AZN 601.85 million of voluntary insurance (24.7% more versus Jan-Oct 2021)

Insurance market of Azerbaijan inreased by 13%

The data on the insurance sector of Azerbaijan for Jan-Oct 2022 have been published.

Central Bank has chosen an insurer

AzSigorta lowers authorized capital more than by AZN 6 million

Social insurance premiums increased for 10 months

Günay Sığorta premiums sharply decreased this year

The premiums of Günay Sığorta, one of the participants in the insurance market of Azerbaijan, have sharply decreased this year.

84% of paid compensations in Azerbaijan accounted for 5 insurers

Out of AZN 318.615 million of compensations paid in Azerbaijan for Jan-Sept 2022, AZN 266.35 million or 83.6% accounted for 5 insurers.

Insurers that could gather most of all premiums for Jan-Sept

Out of AZN 731.2 million of premiums collected by the Azerbaijani insurers for Jan-Sept 2022, AZN 583.56 million or 79.8% accounted for 5 insurance companies.

Qala Sigorta’s savings observed decline this year

The figures on the savings of Qala Sigorta, one of the participants in the insurance market of Azerbaijan, are disappointing this year. Amid the reduction in the customer base, there was decline in the volume of company's shares.

Certification to be held in insurance sector

Certification in the field of insurance will take place on October 20, 2022.

MP sharply criticized insurance companies

Although there are a significant number of insurance companies in Azerbaijan, citizens' dissatisfaction with this service is very high.

Central Bank revokes licenses of 29 insurance agents

The Central Bank of Azerbaijan has revoked licenses of 29 individuals for activity as insurance agents.

List of insurance companies with good position

In order to increase consumer awareness in the field of compulsory auto insurance and fair behavior of insurers towards consumers, it was decided to publish a “complaints index” calculated on complaints received by the Central Bank.

Names of insurers that can work within Green Card system published

The Bureau of Compulsory Insurance has published the names of insurance companies entitled to operate within the Green Card system.

Over past 8 months, 84% of compensations were paid by 5 companies

Out of AZN 283.67 million of compensations paid in Azerbaijan for Jan-Aug 2022, AZN 238.216 million or 84% accounted for 5 insurance companies.

List of insurers with the least premiums for Jan-Aug

Out of AZN 654.918 million of premiums gathered by the insurers in Azerbaijan for Jan-Aug 2022, AZN 522.249 million or 79.8% accounted for 5 insurance companies.

Net profit of Azerbaijani insurance sector increased 1.7-fold

Over Jan-Jun 2022, the net profit of the insurance sector of Azerbaijan (including insurance, reinsurance and brokerage companies) amounted to AZN 73.48 million (1.7-fold more versus Jan-Jun 2021)

Premiums on this type of insurance increased – Details

The premiums on compulsory state social insurance for the past 8 months of 2022 amounted to AZN 2.948 bn and on unemployment insurance – AZN 103.2 million.

New chairman appointed at AtaSigorta

Khatai Ismailov, acting chairman of board at AtaSigorta, has been confirmed as the chairman.