BAKU, Azerbaijan, May 11
By Yusif Aghayev - Trend:
Twelve insurance companies operating in Azerbaijan increased payments of insurance claims in March 2020, Trend reports referring to a report of the Azerbaijani Central Bank.
The biggest growth dynamics was observed at Silk Way Insurance company. The payments made by this insurance company increased by 27 times reaching 156,000 manat ($91,764) compared to 6,000 manat ($3,529) in March 2019.
The specifics of this company is that it is engaged in the aviation risk insurance segment.
The insurance claims paid by Baku Sigorta, Ateshgah Hayat Sigorta, Pasha Hayat Sigorta and Amrah Sigorta increased by 12, 4.7, 4.2 and 3.3 times respectively.
An increase in insurance claim payments by the companies operating within life insurance was stipulated by the fact that the level of sales within this type of insurance was extremely high in 2017 and the deadline for fulfilment of obligations under accumulative insurance contracts concluded during that period accounted for the first quarter of this year, Trend reported previously.
This tendency was observed in the indicators as of March.
Amrah Sigorta is the main provider of Kasko Butik universal insurance product in the Azerbaijani car insurance market.
The ranking of Azerbaijani insurers in terms of insurance claims payment is as follows:
|
March 2019 |
March 2020 |
Dynamics of growth |
||
|
# |
Insurance company |
|||
|
1 |
Amrah Sigorta |
17,000 manat ($10,000) |
56,000 manat ($32,941) |
by 3.3 times |
|
2 |
A-Group |
598,000 manat ($351,764) |
856,000 manat ($503,529) |
43 percent |
|
3 |
Ateshgah Hayat Sigorta |
219,000 manat ($128,823) |
1.02 million manat ($6,000) |
by 4.7 times |
|
4 |
Baku Sigorta |
1,000 manat ($588) |
12,000 manat ($7,058) |
by 12 times |
|
5 |
Gunay Sigorta |
154,000 manat ($90,588) |
164,000 manat ($96,470) |
6.40 percent |
|
6 |
Silk Way Insurance |
6,000 manat ($3,529) |
162,000 manat ($95,294) |
by 27 times |
|
7 |
Meqa Sigorta |
285,000 manat ($167,647) |
365,000 manat ($214,705) |
28 percent |
|
8 |
Pasha Hayat Sigorta |
3.1 million manat ($1.8 million) |
13.5 million manat ($7.9 million) |
by 4.2 times |
|
9 |
Pasha Sigorta |
3.2 million manat ($1.9 million) |
6.5 million manat ($3.8 million) |
by 2 times |
|
10 |
Qala Hayat Sigorta |
167,000 manat ($98,235) |
208,000 manat ($122,352) |
24.50 percent |
|
11 |
Standard Insurance |
251,000 manat ($147,647) |
499,000 manat ($293,529) |
by 2 times |
|
12 |
Xalq Sigorta |
582,000 manat ($342,352) |
1.05 million manat ($617,647) |
by 1.8 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 11)
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