BAKU, Azerbaijan, May 6
By Yusif Aghayev - Trend:
Seventeen insurance companies, that is, the vast majority of those operating in Azerbaijan, paid more insurance claims in the first quarter of 2020 compared to the same period of 2019, Trend reports referring to a report of the Azerbaijani Central Bank.
The biggest dynamics of growth on this indicator was observed at Silk Way Insurance - more than 13 times, Amrah Sigorta - 3.1 times, Baku Sigorta - 2.8 times, Standard Insurance - 2.7 times, and Pasha Hayat Sigorta - 2.4 times.
The lowest dynamics of growth on this indicator was observed at Gunay Sigorta insurance company - 10 percent compared to the same period of last year.
Silk Way Insurance mainly specializes in specific types of insurance related to air transport and cargo transportation by air.
Accordingly, the biggest share of the fees and claims of this insurer is associated with these types of activities.
In general, an increase in insurance claims in the non-life insurance segment is related to the increased loss in compulsory liability insurance of vehicle owners and property insurance while life insurance companies have greatly increased the payments because there was the maturity for fulfilling liabilities on accumulative life insurance. The sales within accumulative life insurance were very high three years earlier.
The ranking of domestic insurers, describing the dynamics of an increase in the payment of insurance claims is as follows:
|
Insurance company |
First quarter of 2019 |
First quarter of 2020 |
Dynamics of growth |
|
|
Amrah Sigorta |
55,000 manat ($32,352) |
173,000 manat ($101,764) |
by 3.1 times |
|
|
A-Group |
2.01 mln manat ($1.2 mln) |
2.2 mln manat ($1.3 mln) |
10.5 percent |
|
|
Ateshgah Hayat Sigorta |
2.7 mln manat ($1.6 mln) |
4.7 mln manat ($2.8 mln) |
1.8 times |
|
|
Azerbaijani State Commercial Insurance Company |
2.9 mln manat ($1.7 mln) |
4.003 mln manat ($2.3 mln) |
35 percent |
|
|
Azerbaijan Industrial Insurance |
307,000 manat ($180,588) |
486,000 manat ($285,882) |
58 percent |
|
|
AZSIGORTA |
1.2 mln manat ($705,882) |
1.5 mln manat ($882,352) |
24 percent |
|
|
Baku Sigorta |
22,000 manat ($12,941) |
62,000 manat ($36,470) |
by 2.8 times |
|
|
Gunay Sigorta |
528,000 manat ($310,588) |
581,000 manat ($341,764) |
10 percent |
|
|
Silk Way Insurance |
47,000 manat ($27,647) |
620,000 manat ($364,705) |
by 13 times |
|
|
Meqa Sigorta |
678,000 manat ($398,823) |
1.1 mln manat ($647,058) |
64 percent |
|
|
Pasha Hayat Sigorta |
12.5 mln manat ($7.3 mln) |
29.9 mln manat ($17.6 mln) |
by 2.4 times |
|
|
Pasha Sigorta |
9.04 mln manat ($5.3 mln) |
15.3 mln manat ($9 mln) |
69 percent |
|
|
Qala Hayat Sigorta |
638,000 manat ($375,294) |
1.4 mln manat ($823,529) |
by 2.3 times |
|
|
Qala Sigorta |
528,000 manat ($310,588) |
820,000 manat ($482,352) |
55 percent |
|
|
Revan Sigorta |
83,000 manat ($48,823) |
134,000 manat ($78,823) |
61 percent |
|
|
Standard Insurance |
859,000 manat ($505,294) |
2.3 mln manat ($1.3 mln) |
by 2.7 times |
|
|
Xalq Sigorta |
1.9 mln manat ($1.1 mln) |
4.5 mln manat ($2.6 mln) |
by 2.3 times |
Azerbaijani insurance companies paid the insurance claims worth 77.06 million manat ($45.3 million) in the first quarter of 2020.
The amount of insurance claims was by 30.8 million manat ($18.1 million) more than in the same period of 2019, which shows an increase in claims by 66.6 percent compared to the first quarter of 2019.
Today, 22 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 AZN on May 6)
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