At the end of September 2019, the new life insurer Xalq Hayat generated GWP for "life insurance of persons borrowing loans" and "compulsory insurance against industrial accidents and occupational diseases" worth of AZN 577 thousand (~EUR 310 thousand), ABC.AZ reports.
From January to September 2019, total market GWP decreased by 8.11% y-o-y, to AZN 522.45 million (EUR 281.01 million). Paid claims, on the contrary, went up by almost 8% and reached AZN 201.70 million (EUR 108.49 million), as the data, published by the Azerbaijan's Financial Market Supervisory Authority (FIMSA) show.
In November 2019, Azerbaijani Minister of Labor and Social Protection of the Population, Sahil BABAYEV and Bulgarian Ambassador Nikolay YANKOV at the DOST (Sustainable and Operative Social Security) Agency signed an intergovernmental agreement on pension insurance in Baku, as Azernews reported with reference to the Ministry of Labor and Social Protection of the Population.
For the first nine months of 2019, the number of Green Card policies reached 39.5 thousand units, which is 18% more than for the same period of last year, Trend reports with reference to the data provided by the Compulsory Insurance Bureau of Azerbaijan.
Over the past year, more than 70% trade growth between Azerbaijan and Iran indicates the development of mutual relations, both countries being keen on the implementation of mutually beneficial business projects, in a bid to stimulate trade volume, according to the Iranian Minister of Economic Affairs and Finance, Farhad DEJPASAND.
New life insurer - Mega Life Insurance was registered by the Ministry of taxes of Azerbaijan. Charter capital of the new life insurer is AZN 11 million (~EUR 5.94 million), as Trend reports.
The Azerbaijani Compulsory Insurance Bureau paid 69,512 manats as part of the international insurance system Green Card in connection with a road accident on the Russian-Caucasian Federal Highway, Trend reports citing the bureau.
A new agro insurance mechanism has been developed in Azerbaijan. It provides for the establishment of a collective insurance system, AzerNews reported with reference to the Ministry of Agriculture.
For the first half of 2019, market GWP decreased by 8.84% y-o-y and amounted to AZN 361.34 million (EUR 187.05 million), according to the data published by the Financial Markets Supervision Chamber of Azerbaijan (FIMSA).
In the first half year of 2019, the number of Green Card policies increased by 16% y-o-y and totaled 18,837 agreements, Trend reports according to the data of the Bureau of Compulsory Insurance of Azerbaijan.
Total insurance market's assets at the end of 1Q2019 increased by about 13.5% y-o-y, to AZN 1.4 billion (~EUR 0.73 billion), Ibrahim ALISHOV, Acting Chairman of the Board of Financial Market Supervisory Authority of Azerbaijan (FIMSA) said in Baku at the 9th Forum "Insurance in Azerbaijan: Trends & Opportunities".
Total market GWP from January-April 2019 amounted to AZN 265.3 million (~EUR 139.12 million), while total paid claims reached AZN 66.7 million, Trend reports with reference to the Financial Market Supervisory Authority (FIMSA).
Developing several mandatory insurance lines, as well as reforming the agricultural insurance system or taking steps to the market's digitalization and general modernization are the main growth solutions that will be discussed on the occasion of the 2019 edition of the Conference "Insurance in Azerbaijan: Trends & Opportunities", 28 June 2019, Hilton Hotel, Baku, Azerbaijan.