The fight against spread of COVID-19 requires urgent and forced measures that affect all areas of activity, including insurance industry.
In 2020 Azerbaijan is expecting changes in insurance legislation, especially related to compulsory insurance, according to the Chairman of the board, the Association of insurers of Azerbaijan, Azer ALIYEV, as Trend news agency informed.
In January 2020, the GWP of the leading non-life insurer of Azerbaijan, PASHA Insurance, amounted to almost half of the total market's GWP, reaching AZN 56.6 million (~USD 33.3 million), which is at the same time AZN 10.1 million (USD 5.9 million) more than the insurer's GWP a year ago, Trend reports based on the data of the Central Bank.
In January 2020, collected GWP for compulsory liability insurance of vehicle owners amounted to AZN 6.9 million (~USD 4 million), while the paid claims exceeded AZN 6 million (~USD 3.5 million), resulting in a loss of 87.5%, Trend reports based on the Azerbaijani Central Bank's data.
At the end of 2019, Azerbaijani market GWP decreased by 6.43% y-o-y in local currency, to AZN 681.18 million (EUR 357.85 million), while paid claims, on the contrary, saw a rapid growth (+25.47%), according to the regulator's data.
Azerbaijan ranked third among the safest travel destinations in CIS region, according to the ranking of the famous Insurly website, while its worldwide ranking took 52nd place among 180 countries safest for tourists.
AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" of Azerbaijan-based PASHA Insurance OJSC.
As the Central Bank of Azerbaijan announced on its website, there has been some structural changes in connection with the transfer to the Central Bank of the powers of the Financial Market Supervisory Authority (FIMSA), which was abolished under the president's decree, Trend reports.
PASHA Life Insurance plans to achieve a record net profit among insurers of the country based on 2019 results (~AZN 25 million/ ~EUR 13 million), as Niyaz ISMAYLOV, Chairman of the Board of the company, told Trend.
The cabinet of ministers of Azerbaijan approved the Statute of the Agricultural Insurance Fund, Trend reports with reference to the cabinet.
From January to October 2019, GWP of the voluntary Health insurance increased by almost AZN 10 million (~EUR 5.27 million), Motor Hull increased by about 20%, while Life insurance, on the contrary, decreased by almost 40% y-o-y, and these trends will continue, said Azer ALIYEV.
The amendments to the law "On medical insurance" were put up for discussion and were proposed to set insurance premiums for compulsory medical insurance, as Trend reports referring to chairman of the parliamentary health committee Ahliman AMIRASLANOV.
On November 28, by Order of the President of the Republic of Azerbaijan, the Chamber of Financial Supervision of the Republic of Azerbaijan (FIMSA) was abolished, its task being transferred to the Central Bank.
Introduction of compulsory health insurance (CHI) in the country is proposed to be done in 4 stages throughout the country in 2020, said Zaur ALIYEV, the Chairman of the Board, the State Agency for compulsory health insurance of Azerbaijan.
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.