Five Azerbaijani insurers’ premiums down in 1Q2020

Five Azerbaijani insurers’ premiums down in 1Q2020

BAKU, Azerbaijan, May 6

By Yusif Aghayev - Trend:

Five insurance companies operating in Azerbaijan collected less insurance premiums in the first quarter of 2020 compared to the first quarter of 2019, Trend reports referring to a report of the Central Bank of Azerbaijan.

The biggest decrease in the collection of insurance premiums was observed at ATA Sigorta insurance company – 34 percent less than in the first quarter of 2019. This was related to the decrease in the company's activity in compulsory liability insurance of vehicle owners due to a big increase in loss ratio on this type of insurance.

This is also one of the reasons for a 26-percent decrease in fees of another leading insurer in Azerbaijan - Ateshgah Sigorta - in the first quarter of 2020. Another reason for a decrease in fees of this company is the loss of a big corporate client.

AXA MBASK insurance company does not carry out insurance operations this year. In this regard, the small amount of fees of this insurer in the first quarter of 2020 is the payment of receivables of the last period.

The ranking of domestic insurers, describing the dynamics of a decrease in the collection of insurance premiums is as follows:

#

Insurance company

First quarter of 2019

First quarter of 2020

Dynamics of decrease

(1,000 manat)

(1,000 manat)

1

"AТА Sigorta"

5.4 mln ($3.2 mln)

3.5 mln ($2.05 mln)

- 34 percent

2

"Ateshgah Sigorta"

10.5 mln ($6.2 mln)

7.8 mln ($4.6 mln)

- 26 percent

3

"AXA MBASK"

962,000 ($565,882)

5 ($2,900)

4

"Meqa Sigorta"

8.6 mln ($5.07 mln)

7.4 mln ($4.3 mln)

- 15 percent

5

"Qala Hayat Sigorta"

2.6 mln ($1.5 mln)

2.4 mln ($1.4 mln)

- 7 percent

The Azerbaijani insurance companies collected the 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)

---

Follow the author on Twitter: @yusif62610338

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