BAKU, Azerbaijan, June 4
By Yusif Aghayev – Trend:
Eleven insurance companies operating in Azerbaijan increased the payment of insurance claims in April 2020 compared to April 2019, Trend reports referring to a report published by the Central Bank of Azerbaijan.
The highest dynamics of growth on this indicator was observed at Ipek Yolu Sigorta - by 222 times, Ateshgah Hayat Sigorta - by 11.5 times, and Amrah Sigorta - by seven times.
The minimum growth dynamics was demonstrated by Pasha Sigorta company and the Azerbaijani State Insurance Commercial Company - by less than one percent.
Ipek Yolu Sigorta mainly specializes in specific types of insurance related to air transport and air transportation.
Accordingly, the dominant share of fees and claims of this insurer is associated with these spheres.
The life insurance companies have 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 growth dynamics of payment of insurance claims, is as follows:
|
# |
Insurance company |
April 2019 |
April 2020 |
Dynamics of growth |
|
1 |
Amrah Sigorta |
7,000 manat ($4,117) |
49,000 manat ($28,823) |
by 7 times |
|
2 |
A-Group |
710,000 manat ($417,647) |
822,000 manat ($483,529) |
15.70 percent |
|
3 |
Ateshgah Hayat Sigorta |
553,000 manat ($325,294) |
6.3 million manat ($3.7 million) |
by 11.5 times |
|
4 |
Azerbaijani State Insurance Commercial Company |
1.3 million manat ($764,705) |
1.3 million manat ($764,705) |
less than 1 percent |
|
5 |
AZSIGORTA |
397,000 manat ($233,529) |
424,000 manat ($249,411) |
6.80 percent |
|
6 |
Gunay Sigorta |
171,000 manat ($100,588) |
194,000 manat ($114,117) |
13.40 percent |
|
7 |
Ipek Yolu Sigorta |
6,000 manat ($3,529) |
1.3 million manat ($764,705) |
by 222 times |
|
8 |
Pasha Hayat Sigorta |
5.1 million manat ($3 million) |
7.6 million manat ($4.5 million) |
48.60 percent |
|
9 |
Pasha Sigorta |
5.6 million manat ($3.3 million) |
5.7 million manat ($3.3 million) |
less than 1 percent |
|
10 |
Standard Insurance |
370,000 manat ($217,647) |
643,000 manat ($378,235) |
73.70 percent |
|
11 |
Xalq Sigorta |
1.08 million manat ($635,294) |
1.7 million manat ($1 million) |
55 percent |
The Azerbaijani insurance companies paid the insurance claims worth 28.5 million manat ($16.8 million) in April 2020.
The amount of the paid insurance claims was by 8.08 million manat ($4.7 million) more than in April 2019, which is 39.6 percent more compared to April 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 4)
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