More than 600 insured parties in Azerbaijan have suffered losses as a result of intensive rains recorded across the country between April 4 and 6. Operative Information Center-OMM reports this with reference to the Azerbaijan Insurers Association (ASA) Public Union.
According to the latest data received from local insurance market participants, five non-life insurance companies have received a total of 620 applications regarding insurance events. Of these claims, 417 were related to compulsory third-party liability insurance for motor vehicle owners, 75 involved Kasko (voluntary motor vehicle insurance), 103 were for compulsory real estate insurance, and 25 pertained to property insurance against fire and other risks.
The estimated damage for 442 assessed insurance events has been set at 311,720 manats, while the loss assessment process for the remaining 178 incidents is currently ongoing. All submitted applications are in the regulation and damage assessment stage, and insurance settlements are planned for every event recognized as a valid insurance claim. Once the assessment process for all incidents is finalized, the total amount of damage is projected to exceed 500,000 manats. During the reporting period, 71% of the incidents occurred in the capital, Baku, while 29% were recorded in other regions of Azerbaijan, particularly in the Absheron area.
The recent surge in claims highlights the increasing importance of climate resilience and insurance coverage in Azerbaijan. As extreme weather patterns become more frequent globally, the local insurance sector plays a critical role in mitigating financial risks for citizens and businesses. In recent years, the government of Azerbaijan has taken significant steps to modernize the insurance legal framework to ensure prompt compensation and financial stability during natural disasters and infrastructure-related incidents.
