BAKU, Azerbaijan, June 29
By Yusif Aghayev – Trend:
Thirteen insurance companies comprising the vast majority of those operating in Azerbaijan, increased the payment of insurance claims from January through May 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 Amrah Sigorta company – four times, Ateshgah Hayat company – 2.85 times and Pasha Hayat Sigorta company – 2.4 times.
The lowest dynamics of growth in payments was observed in A-Group insurance company – 2.3 percent from January through May 2020 compared to the same period of 2019.
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:
|
2019 |
2020 |
||||
|
# |
Insurance company |
Insurance claims |
Insurance claims |
Dynamics of growth |
Dynamics of growth |
|
(manat) |
(percent) |
||||
|
1 |
Amrah Sigorta |
81,000 manat ($47,647) |
325,000 manat ($191,176) |
244,000 manat ($143,529) |
by 4 times |
|
2 |
A-Group |
3.4 million manat ($2 million) |
3.5 million manat ($2.05 million) |
81,000 manat ($47,647) |
2.3 percent |
|
3 |
Ateshgah Hayat |
4.5 million manat ($2.6 million) |
12.9 million manat ($7.6 million) |
8.4 million manat ($4.9 million) |
by 2.85 times |
|
4 |
Azerbaijani State Insurance Commercial Company |
5.5 million manat ($3.2 million) |
5.9 million manat ($3.5 million) |
457,000 manat ($268,823) |
8.3 percent |
|
5 |
AZSIGORTA |
2.09 million manat ($1.2 million) |
2.3 million manat ($1.3 million) |
227,000 manat ($133,529) |
10.8 percent |
|
6 |
Baku Sigorta |
58,000 manat ($34,117) |
78,000 manat ($45,882) |
20,000 manat ($11,764) |
34.5 percent |
|
7 |
Gunay Sigorta |
846,000 manat ($497,647) |
927,000 manat ($545,294) |
81,000 manat ($47,647) |
9.6 percent |
|
8 |
Meqa Sigorta |
1.3 million manat ($764,705) |
1.8 million manat ($1.05 million) |
546,000 manat ($321,176) |
42 percent |
|
9 |
Pasha Hayat Sigorta |
23.8 million manat ($14 million) |
57.3 million manat ($33.7 million) |
33.5 million manat ($19.7 million) |
by 2.4 times |
|
10 |
Pasha Sigorta |
19.8 million manat ($11.6 million) |
27.9 million manat ($16.4 million) |
8.1 million manat ($4.8 million) |
41 percent |
|
11 |
Qala Sigorta |
1.02 million manat ($600,000) |
1.2 million manat ($705,882) |
217,000 manat ($127,647) |
21.2 percent |
|
12 |
Revan Sigorta |
143,000 manat ($84,117) |
176,000 manat ($103,529) |
33,000 manat ($19,411) |
23 percent |
|
13 |
Xalq Sigorta |
4.4 million manat ($2.6 million) |
7.2 million manat ($4.2 million) |
2.8 million manat ($1.6 million) |
63.5 percent |
In the reporting period, Azerbaijani insurance companies paid insurance claims in the amount of 136.8 million manat ($80.4 million), which is 43 million manat ($25.2 million) or 45.9 percent more compared to the same period in 2019.
The license of Standard Insurance company was cancelled in May 2020.
Today, 21 insurance companies and one reinsurance company operate in Azerbaijan.
(1USD = 1.7 AZN on June 29)
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