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Nine insurance companies’ claims shrink in Azerbaijan

Economy Materials 5 June 2020 17:11 (UTC +04:00)
Nine insurance companies’ claims shrink in Azerbaijan

BAKU, Azerbaijan, June 5

By Yusif Aghayev – Trend:

Nine insurance companies operating in Azerbaijan decreased the volume of payment of insurance claims in April 2020 compared to April 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 at AXA MBASK insurance company by more than 48 times compared to the corresponding figure of the previous year. The reason is that the company has not carried out the insurance operations since 2019.

The ranking of domestic insurers, reflecting the dynamics of decrease in insurance claims is as follows:

#

Insurance company

April 2019

April 2020

Dynamics of decrease

1

AТА Sigorta

1.4 million manat ($823,529)

659,000 manat ($387,647)

54.7 percent

2

Ateshgah

1.9 million manat ($1.1 million)

1.2 million manat ($705,882)

37.30 percent

3

AXA MBASK

682,000 manat ($401,176)

14,000 manat ($8,235)

by 48.7 times

4

Azerbaijan Industrial Insurance

257,000 manat ($151,176)

64,000 manat ($37,647)

by more than 4 times

5

Baku Sigorta

18,000 manat ($10,588)

6,000 manat ($3,529)

by 3 times

6

Meqa Sigorta

273,000 manat ($160,588)

269,000 manat ($158,235)

1.40 percent

7

Qala Hayat Sigorta

169,000 manat ($99,411)

15,000 manat ($8,823)

by 11.3 times

8

Qala Sigorta

261,000 manat ($153,529)

170,000 manat ($100,000)

34.80 percent

9

Revan Sigorta

32,000 manat ($18,823)

27,000 manat ($15,882)

15.60 percent

Nakhchivan Sigorta and Xalq Hayat Sigorta insurance companies did not pay insurance claims during the reporting period of this year, therefore it is impossible to calculate the dynamics on this indicator for these insurers.

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 5)

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Follow the author on Twitter: @Yusif62610338

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