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Collections, payments in Azerbaijani insurance market for 2019 revealed

Economy Materials 8 February 2020 12:42 (UTC +04:00)

BAKU, Azerbaijan, Feb. 8

By Yusif Agayev – Trend:

Data on collections and payments on the Azerbaijani insurance market for 2019 were published, Trend reports referring to the report of country’s Central Bank (CBA).

According to the report, the Azerbaijani insurance companies collected over 681.1 million manat of insurance premiums and paid 301.534 million manat of insurance claims. The amount of collected premiums exceeded 46.7 million manat in 2019, or 6.4 percent less compared to 2018. At the same time, the amount of paid insurance claims increased by 61.2 million manat or 25.4 percent.

Below is an overview of fees and reimbursements among domestic insurance companies:

in manat

Insurance Companies

Insurance premiums

Insurance claims

1

PASHA Life

212,559

99,505

2

PASHA Insurance

150,177

52,798

3

State Insurance Commerce Company

49,067

16,240

4

Ateshgah Life Insurance Company

39,087

19,131

5

Ateshgah

36,884

18,986

6

Xalq Insurance

28,340

16,016

7

Qala Insurance

26,787

3,270

8

Mega Insurance

21,815

5,030

9

Silk Way Insurance

18,495

19,931

10

Ata Insurance

18,094

14,628

11

AzInsurance

15,289

4,812

12

A-Group

15,125

8,538

13

Qala Life

14,861

6,262

14

Standard Insurance

14,060

5,453

15

Gunay Insurance

7,222

1,894

16

Azerbaijan Industrial Insurance Company

5,632

2,019

17

Revan Insurance

3,185

477

18

Baku Insurance

1,140

239

19

Xalq Life

977

-

20

AXA MBASK

975

6,101

21

Amrah Insurance

861

202

22

Nakhchivan Insurance

546

2

Total

681,178

301,534

Currently, 22 insurance and 1 reinsurance companies operate in Azerbaijan.

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