BAKU, Azerbaijan, June 2
By Yusif Aghayev – Trend:
Six Azerbaijani insurance companies reduced the collection of premiums from January through April 2020 compared to the same period of 2019, Trend reports referring to the report published by the Central Bank of Azerbaijan.
The highest dynamics of decline - 24.3 percent less than the corresponding figures of the previous year - was observed in Ateshgah Sigorta insurance company.
This is connected with a decrease in the company's activity on compulsory liability insurance of motor vehicle owners, a great increase in loss ratio on this type, as well as with the loss of a big corporate client.
In turn, AXA MBASK insurance company does not carry out insurance operations this year and the insignificant amount of fees of this insurer in the first quarter was caused by the payment of receivables for the previous period.
The ranking of domestic insurers, reflecting the dynamics of decrease in the collection of insurance premiums is as follows:
|
# |
Insurance company |
from Jan. through Apr. 2019 |
from Jan. through Apr. 2020 |
Dynamics of decrease |
|
1 |
AtaSigorta |
6.4 million manat ($3.8 million) |
5.4 million manat ($3.2 million) |
16.3 percent |
|
2 |
Ateshgah Sigorta |
11.9 million manat ($7 million) |
9.04 million manat ($5.3 million) |
24.3 percent |
|
3 |
AXA MBASK |
1.001 million manat ($588,823) |
5,000 manat ($2,941) |
by 200 times |
|
4 |
AZSIGORTA |
4.6 million manat ($2.7 million) |
4.05 million manat ($2.4 million) |
11.3 percent |
|
5 |
Meqa Sigorta |
11.1 million manat ($6.5 million) |
9.5 million manat ($5.6 million) |
14.6 percent |
|
6 |
Xalq Sigorta |
9.4 million manat ($5.5 million) |
8.6 million manat ($5.05 million) |
7.5 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.
Today, 21 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 AZN on June 2)
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