CBA forecasts growth of insurance market in 2023

The Central Bank of Azerbaijan (CBA) expects the insurance premiums to make up AZN 1.2-1.3 bn ($710 million – $760 million) at the end of 2023.

AzSigorta premiums decreased

Revenues on contributions to compulsory state social insurance increased

Central Bank suspends licenses of insurance broker

The Central Bank of Azerbaijan has suspended the licenses of an insurance broker issued to eight individuals and an insurance agent issued to 155 individuals and 21 legal entities for 3 months.

Licenses of 9 insurance mediators cancelled

New appointment at Naxçıvan Sığorta Board of Directors

New appointment to the management of Naxçıvan Sığorta has been carried out place, ABC.AZ reports with reference to the insurance company.

Central Bank’s official: Insurance disputes upset us

We are saddened by the disputes arising in Azerbaijan between insurance companies and policyholders.

Changes to be made to cost of these services in Azerbaijan

Günay Sığorta excluded from ISB list

Naxçıvansığorta board member has left his post

Sema Mahmudlu, one of the Naxçıvansığorta board members, has left her post.

Insurers whose compensation payments increased this year

Insurers with lowered premiums for 2023

Over Jan-May 2023, the premiums of 17 out of 20 insurance companies in Azerbaijan increased against 2022 and three companies decreased

82% of premiums accounted for 5 companies

Out of AZN 566.4 million of premiums in Azerbaijan for Jan-May 2023, AZN 466.9 million, or 82.4% accounted for 5 insurance companies.

Central Bank cancels license of Gunay Sigorta

The Central Bank of Azerbaijan has cancelled the license of Günay Sığorta OJSC.

Companies that paid the largest number of compensations this year

Out of AZN 174.436 million of compensations paid in Azerbaijan for Jan-May 2023, AZN 140.96 million (or 80.8%) accounted for five insurance companies.

Central Bank has warned these insurance companies

Insurance agents send SMS messages to citizens that if they do not insure their property, they will be fined. However, they do not have such powers.

Mandatory real estate insurance premiums increased by 64%

Azerbaijan has recorded an increase on premiums and compensation payments for compulsory real estate insurance.

Life insurance payments increased sharply - report for 5 months

The premiums collected for Jan-May 2023 in Azerbaijan by five life insurance companies amounted to AZN 239.257 million.

Insurance market grew by 33% in Azerbaijan

The premiums by 20 insurance companies in Azerbaijan were gathered for AZN 566.434 million for Jan-May 2023 (32.8% more against Jan-May 2022)

New assignment at Xalq Həyat

The new chairman of board has been appointed at Xalq Həyat OJSC.

Certification to be carried out for insurance brokers

Certification in the insurance sector will take place on June 21.