BAKU, Azerbaijan, June 2
By Yusif Aghayev – Trend:
Fifteen insurance companies operating in Azerbaijan increased the collection of insurance premiums from January through April 2020 compared to the same period of 2019, Trend reports referring to a report published by the Central Bank of Azerbaijan.
The highest dynamics of growth in the collection of insurance premiums was observed in Amrah Sigorta - 5.5 times, Nakhchivan Sigorta - 2.63 times, Gunay Sigorta - 92.6 percent, Azerbaijan Industrial Insurance Company - 72.7 percent, and A-Group - 63.6 percent.
The lowest dynamics of growth in the collection of insurance premiums was observed in Qala Hayat Sigorta – 3.6 percent from January through April 2020 compared to the same period of 2019.
The ranking of domestic insurers, reflecting the dynamics of growth in the collection of insurance premiums is as follows:
|
# |
Insurance company |
from Jan. through Apr. 2019 |
from Jan. through Apr. 2020 |
Dynamics of growth |
|
1 |
Amrah Sigorta |
137,000 manat ($80,588) |
761,000 manat ($447,647) |
5.5 times |
|
2 |
A-Group |
2.3 million manat ($1.3 million) |
3.8 million manat ($2.2 million) |
63.6 percent |
|
3 |
Ateshgah Hayat |
12.4 million manat ($7.3 million) |
15.5 million manat ($9.1 million) |
25.6 percent |
|
4 |
Azerbaijani State Insurance Commercial Company |
33.01 million manat ($19.4 million) |
37.2 million manat ($21.9 million) |
12.6 percent |
|
5 |
Azerbaijan Industrial Insurance Company |
2.2 million manat ($1.3 million) |
3.9 million manat ($2.3 million) |
72.7 percent |
|
6 |
Baku Sigorta company |
298,000 manat ($175,294) |
448,000 manat ($263,529) |
50.3 percent |
|
7 |
Gunay Sigorta |
1.2 million manat ($705,882) |
2.4 million manat ($1.4 million) |
92.6 percent |
|
8 |
Ipek Yolu Sigorta company |
7.9 million manat ($4.6 million) |
9.007 million manat ($5.3 million) |
14.4 percent |
|
9 |
Nakhchivan Sigorta |
128,000 manat ($75,294) |
336,000 manat ($197,647) |
2.63 times |
|
10 |
Pasha Hayat Sigorta |
74.6 million manat ($43.9 million) |
95.7 million manat ($56.3 million) |
23.4 percent |
|
11 |
Pasha Sigorta |
71.9 million manat ($42.3 million) |
83.4 million manat ($49.05 million) |
15.9 percent |
|
12 |
Qala Hayat Sigorta |
3.6 million manat ($2.1 million) |
3.7 million manat ($2.2 million) |
3.6 percent |
|
13 |
Qala Sigorta |
7.4 million manat ($4.3 million) |
12.4 million manat ($7.3 million) |
67.5 percent |
|
14 |
Revan Sigorta |
818,000 manat ($481,176) |
991,000 manat ($582,941) |
21.1 percent |
|
15 |
Standard Insurance |
2.8 million manat ($1.6 million) |
4.3 million manat ($2.5 million) |
56.1 percent |
The Azerbaijani insurance companies collected the insurance premiums worth 311.3 million manat ($183.1 million) from January through April 2020.
The amount of the collected premiums totaled 46.04 million manat ($27.08 million) from January through April 2020 or approximately 17.3 percent more than in the same period of 2019.
The license of Standard Insurance company was canceled in May 2020.
Today, 21 insurance companies and one reinsurance company operate in Azerbaijan.
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