BAKU, Azerbaijan, June 9
By Yusif Aghayev – Trend:
Azerbaijan’s Xalq Sigorta Insurance Company announced the data on the payments made as part of car insurance in May 2020, Trend reports on June 9 referring to the insurance company.
In accordance with the report, insurance claims worth 142,321 manat ($83,718) were paid in connection with 160 insurance cases.
The insurance premiums of Xalq Sigorta OJSC decreased from 3.7 million manat ($2.2 million) to 1.7 million manat ($1 million) in April 2020 compared to April 2019, thereby demonstrating a decline by more than twofold.
At the same time, the dynamics of growth in payments of insurance claims amounted to 55 percent in May 2020 from 1.08 million manat ($635,294) to 1.7 million manat ($1 million) compared to May 2019.
In general, the volume of the collected premiums of Xalq Sigorta OJSC decreased by 7.5 percent from 9.4 million manat ($5.5 million) to 8.6 million manat ($5.05 million), while the amount of payments increased by more than twofold from 3.04 million manat ($1.8 million) to 6.2 million manat ($3.6 million) from January through April 2020.
Xalq Sigorta OJSC has been operating in the Azerbaijani insurance market since 2005 as a universal insurance company involved in the non-life insurance segment.
In accordance with the license, the company implements more than 20 types of voluntary insurance and three types of compulsory insurance. Xalq Sigorta OJSC is one of the biggest participants in the Azerbaijani insurance market. The authorized capital is 58.7 million manat ($34.5 million).
Today, 21 insurance companies and one reinsurance company operate in Azerbaijan.
-----
Follow the author on Twitter: @Yusif62610338