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Payments of insurance claims by four Azerbaijani insurers decline

Economy Materials 3 June 2020 16:36 (UTC +04:00)
Payments of insurance claims by four Azerbaijani insurers decline

BAKU, Azerbaijan, June 3

By Yusif Aghayev – Trend:

The payments of insurance claims of four insurance companies operating in Azerbaijan have decreased 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.

At the same time, the maximum decrease in insurance claims was observed in AXA MBASK insurance company - by more than 12 times compared to the corresponding figure in 2019. This is connected with the fact that the company has not carried out the insurance operations since 2019.

The ranking of domestic insurers:

#

Insurance company

from January through April 2019

from January through April 2020

Dynamics of decrease

AtaSigorta

4.9 million manat ($2.9 million)

3.4 million manat ($2 million)

30.60 percent

Ateshgah Sigorta

6.4 million manat ($3.8 million)

5.3 million manat ($3.1 million)

16.70 percent

AXA MBASK

2.8 million manat ($1.6 million)

215,000 manat ($126,470)

by 12.9 times

Azerbaijan Industrial Insurance Company

564,000 manat ($331,764)

550,000 manat ($323,529)

2.50 percent

A decrease in payment of insurance claims in AtaSigorta and Ateshgah Sigorta is associated with a decrease in the activity of these insurance companies on compulsory liability insurance of motor vehicle owners due to a great increase in loss ratio.

Nakhchivan Sigorta and Xalq Hayat Sigorta insurance companies did not pay insurance claims during the reporting period of this year.

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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