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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