BAKU, Azerbaijan, June 3
By Yusif Aghayev – Trend:
Sixteen insurance companies comprising the vast majority of those operating in Azerbaijan, increased the payment of insurance claims 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 was observed in Ipek Yolu Sigorta – by almost 37 times, Amrah Sigorta – by 3.6 times, Ateshgah Hayat – by 3.4 times, Standard Insurance – by 2.4 times, and Pasha Hayat Sigorta – by 2.13 times.
The lowest dynamics of growth in payments was observed in Gunay Sigorta insurance company - 10.8 percent.
Ipek Yolu Sigorta mainly specializes in specific types of insurance related to air transport and air transportation. Accordingly, the lion's share of the fees and claims of this insurer is associated with them.
In general, an increase in insurance claims in the non-life insurance segment is related to the increased loss ratio on compulsory liability insurance of motor vehicle owners and property insurance.
The life insurance companies have greatly increased the payments because they must fulfill liabilities on endowment life insurance. The sales volumes within endowment life insurance were very high three years earlier.
The ranking of domestic insurers, reflecting the dynamics of growth in the payment of insurance claims is as follows:
# |
Insurance company |
from January through April 2019 |
from January through April 2020 |
Dynamics of growth |
1 |
Amrah Sigorta |
62,000 manat ($36,470) |
222,000 manat ($130,588) |
by 3.58 times |
2 |
A-Group |
2.7 million manat ($1.6 million) |
3.04 million manat ($1.8 million) |
11.80 percent |
3 |
Ateshgah Hayat |
3.2 million manat ($1.9 million) |
11.04 million manat ($6.5 million) |
by 3.4 times |
4 |
Azerbaijani State Insurance Commercial Company |
4.3 million manat ($2.5 million) |
5.3 million manat ($3.1 million) |
24.70 percent |
5 |
AZSIGORTA |
1.6 million manat ($941,176) |
1.9 million manat ($1.1 million) |
20 percent |
6 |
Baku Sigorta company |
40,000 manat ($23,529) |
68,000 manat ($40,000) |
70 percent |
7 |
Gunay Sigorta |
699,000 manat ($411,176) |
775,000 manat ($455,882) |
10.80 percent |
8 |
Ipek Yolu Sigorta company |
53,000 manat ($31,176) |
1.9 million manat ($1.1 million) |
by 37 times |
9 |
Meqa Sigorta |
951,000 manat ($559,411) |
1.4 million manat ($823,529) |
45.40 percent |
10 |
Pasha Hayat Sigorta |
17.6 million manat ($10.3 million) |
37.5 million manat ($22.05) |
by 2.13 times |
11 |
Pasha Sigorta |
14.7 million manat ($8.6 million) |
20.9 million manat ($12.3 million) |
42.80 percent |
12 |
Qala Hayat Sigorta |
807,000 manat ($474,705) |
1.5 million manat ($882,352) |
81.50 percent |
13 |
Qala Sigorta |
789,000 manat ($464,117) |
990,000 manat ($582,352) |
25.40 percent |
14 |
Revan Sigorta |
115,000 manat ($67,647) |
161,000 manat ($94,705) |
40 percent |
15 |
Standard Insurance |
1.2 million manat ($705,882) |
2.9 million manat ($1.7 million) |
by 2.4 times |
16 |
Xalq Sigorta |
3.04 million manat ($1.8 million) |
6.2 million manat ($3.6 million) |
by 2.04 times |
The Azerbaijani insurance companies paid the insurance claims worth 105.6 million manat ($62.1 million) from January through April 2020.
The amount of the insurance claims paid from January through April 2020 was by 38.9 million manat ($22.9 million) more than in the same period of 2019, which is an increase in claims by 58.7 percent more compared to 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.
(1 USD = 1.7 AZN on June 3)
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