Azerbaijan's insurance companies increase collection of premiums in 1Q2020
BAKU, Azerbaijan, May 6
By Yusif Aghayev - Trend:
Sixteen insurance companies operating in Azerbaijan increased the collection of insurance premiums in 1Q2020 compared to 1Q2019, Trend reports referring to a report of the Azerbaijani Central Bank.
At the same time, some companies demonstrated the highest growth dynamics, namely, Amrah Sigorta - by 7.9 times, Nakhchivan Sigorta - by 3.1 times, Gunay Sigorta - by 2.5 times, Azerbaijan Industrial Insurance - by 2.1 times, Qala Sigorta – by 1.9 times and Standard Insurance – by 1.8 times.
The lowest dynamics of growth in premium collection was observed at AzSigorta insurance company - seven percent in the first quarter of 2020 compared to the first quarter of 2019.
Azerbaijani insurance companies collected insurance premiums worth 240.8 million manat ($141.6 million) in the first quarter of 2020.
The amount of the collected premiums totaled 39.5 million manat ($23.2 million), or approximately 20 percent, in the first quarter of 2020, which is more than in the same period of 2019.
Today, 22 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 AZN on May 6)