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.
The Financial Market Supervisory Authority of Azerbaijan (FIMSA) has restricted the license of the only state commercial insurer AzerSigorta, the regulator announced. Azerbaijan's Bureau of Compulsory Insurance (ISB) also restricted the insurer's access to its information system.
In 1Q2019, Azeri insurers generated GWP in the amount of AZN 201.17 million (EUR 105.38 million), 4.17% more y-o-y, according to the statistical data, published by The Financial Market Supervisory Authority of Azerbaijan (FIMSA).
The Financial Market Supervisory Authority of Azerbaijan (FIMSA) removed recent restrictions on the license of Ateshgah for compulsory civil liability insurance for vehicle owners and allowed the company to conclude such contracts, Trend News Agency reported on April 30.
GWP of AtaSigorta for January-March this year amounted to AZN 5.4 million, which is 26.9% more y-o-y. The insurer's paid claims for the period amounted to about AZN 3.5 million (+89.8%), as FINEKO and ABC.AZ reported.