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7 insurance companies decrease payments of insurance claims in Azerbaijan

Economy Materials 11 May 2020 17:52 (UTC +04:00)
7 insurance companies decrease payments of insurance claims in Azerbaijan

BAKU, Azerbaijan, May 11

By Yusif Aghayev - Trend:

Seven insurance companies operating in Azerbaijan decreased payments of insurance claims in March 2020 compared to March 2019, Trend reports referring to a report of the Azerbaijani Central Bank.

The biggest decrease in insurance claims was observed at AXA MBASK insurance company - by 12 times compared to March 2019, while and the smallest decrease at Ateshgah Sigorta - by 1.8 percent.

AXA MBASK has not entered into insurance contracts since 2019, but only serves the current ones, which conditioned the sharp decrease in payments.

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

March 2019

March 2020

Dynamics of decrease

#

Insurance company

1

АТА Sigorta

970,000 manat ($570,588)

729,000 manat ($428,823)

24.8 percent

2

Ateshgah Sigorta

1.2 million manat ($705,882)

1.1 million manat ($647,058)

1.8 percent

3

AXA MBASK

515,000 manat ($302,941)

44,000 manat ($25,882)

by 12 times

4

Azerbaijani State Insurance Commercial Company

1.01 million manat ($594,117)

979,000 manat ($575,882)

3.5 percent

5

AZSIGORTA

400,000 manat ($235,294)

367,000 manat ($215,882)

8.2 percent

6

Qala Sigorta

161,000 manat ($94,705)

119,000 manat ($70,000)

26 percent

7

Revan Sigorta

40,000 manat ($23,529)

34,000 manat ($20,000)

15 percent

Nakhchivan Sigorta and Xalq Hayat Sigorta insurance companies did not pay insurance claims in March 2020, therefore, it is impossible to calculate the coefficient of these indicators.

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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