In the first half of 2017, GWP written by the Azeri insurance companies totaled AZN 276.16 million, down by 3.22%, while the claims paid increased by 22.67%.

In the first seven months of 2017, Azeri insurers members of the Compulsory Insurance Bureau have concluded 49,151 compulsory real property insurance agreements, 695,557 MTPL policies and 17,231 Green Card policies.

At the end of June 2017, 133,148 contracts on compulsory MTPL were registered in the Azeri Compulsory Insurance Bureau's information system, more by 58% than in 1H2016.

Gross premiums written by the local insurance companies totaled AZN 150.68 million, decreasing by 1.12% as compared with 1Q2016. Claims paid totaled AZN 60.29 million (EUR 32.76 million), up by 14.67% y-o-y.

QALA Insurance was licensed to provide services on compulsory personal accident insurance of passengers, the Compulsory Insurance Bureau of Azerbaijan (CIB) has announced on its website.

The Azeri Financial Market Supervisory Authority (FIMSA), Ministry of Internal Affairs (MIA) and Compulsory Insurance Bureau (CIB) have concluded an agreement for exchanging information on the MTPL insurance.

At the end of December 2016, Azerbaijan's 25 insurance companies reported aggregate gross written premiums of AZN 486 million (EUR 260 million), which is 9.7% more than in 2015. Claims paid by the local insurers totaled AZN 237 million (EUR 127 million), up by 32% y-o-y.

In 2016, Azeri insurance companies concluded more than 140 thousand insurance contracts on immovable property insurance class, representing EUR 13,1 million in GWP, up by 1.5% compared to 2015, according to local Compulsory Insurance Bureau statistics.

In 2016, the Azeri insurance companies sold 10.514 policies on the Green Card segment, according to data published by the Compulsory Insurance Bureau of Azerbaijan, representing GWP of EUR 400 thousands.

At the end of September 2016, the Top 3 Azerbaijan insurers in GWP terms were PASHA Sigorta (about 21% market share), followed by PASHA Life Insurance (15.8%) and AzerSigorta (9.4%), according to the latest quarterly market figures.

The main effect after the Q3 nat cat bill of over USD 100 billion: Global reinsures said - the "discounts and reductions in tariffs era" especially in European reinsurance market for the January 2018 renewals, will come to end. At the same time, some reinsurers might disappear and there are likely to be more mergers, acquisitions and run-offs processes.

E+S Ruck - responsible within the Hannover Re Group for German business - expects to see premium growth in the German market for the upcoming round of treaty renewals as at 1 January 2018.

Global reinsurer MUNICH Re pointed out today in Baden-Baden the huge insurance gap between economic and insured losses resulting from recent natural hazards.

"In our business we are more than used to disruptions [...] But the pace of disruption has been amplified by new sources of data and by the increase in the power to collate this data", James NASH, the President, International of GUY Carpenter stated during his opening address at the Reinsurance Symposium in Baden-Baden on 22 October.

On Sunday, 22 October, insurers and reinsurers from all over the world met at the 9th edition of the Baden-Baden XPRIMM Reception, the traditional event organized by XPRIMM during the Baden-Baden Meetings in Germany.

Already on its 9th edition, the Baden - Baden XPRIMM Reception, the traditional event organized by XPRIMM during the Baden-Baden Meetings, took place on Sunday, 22 October, at Kurhaus Casino, gathering re/insurance specialists from all over the world.

The Azeri reinsurance company AzRe hosted an official reception at the Annual Baden-Baden Reinsurers Meetings dedicated to its 10th anniversary.

Re/insurance specialists from the European region gathered, on 18 October, at the 14th edition of the International Catastrophic Risks Forum - ICAR 2017, to analyze the broad theme of climate change and catastrophic risks management.

The "Current Challenges for Insurance Markets and Supervision in the Central, Eastern and South Eastern European region" Conference, organized by FMA - the Financial Market Authority Austria, continues today in Vienna. 

Insurance professionals, as well as representatives of the local and regional authorities, gather on 12-13 October in Vienna, Austria, at the "Current Challenges for Insurance Markets and Supervision in the Central, Eastern and South Eastern European region" Conference.

Professionals and specialists from the Turkish and the global insurance and reinsurance markets gathered between the 5th and the 6th of October in Turkey, at the 9th International Istanbul Insurance Conference.

In emerging markets like Turkey, there can be a significant difference between the insured and total insurable losses. Parametric insurance is a smart way to close this protection gap. While the traditional products cover an insured loss, parametric products provide financial protection for various expenses from financial liabilities to contingent loss of profit which, in return, decreases the economic loss burden following a CAT event.