BAKU, Azerbaijan, June 29
By Yusif Aghayev – Trend:
Seven insurance companies operating in Azerbaijan paid less insurance claims from January through May 2020 compared to the same period of 2019, Trend reports on June 29 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 - more than 12 times compared to the corresponding figure of 2019. The reason is that the company has not carried out the insurance operations since last year.
The ranking of domestic insurers, reflecting the dynamics of decrease in the payment of insurance claims is as follows:
|
2019 |
2020 |
||||
|
# |
Insurance company |
Insurance claims |
Insurance claims |
Dynamics of decrease |
Dynamics of decrease |
|
(manat) |
(percent) |
||||
|
1 |
AtaSigorta |
6.07 million manat ($3.6 million) |
3.9 million manat ($2.3 million) |
2.07 million manat ($1.2 million) |
34.20 percent |
|
2 |
Ateshgah |
7.7 million manat ($4.5 million) |
6.6 million manat ($3.9 million) |
1.1 million manat ($647,058) |
14.70 percent |
|
3 |
AXA MBASK |
3.2 million manat ($1.9 million) |
274,000 ($161,176) |
2.9 million manat ($1.7 million) |
by 12 times |
|
4 |
Azerbaijan Industrial Insurance Company |
782,000 ($460,000) |
734,000 ($431,764) |
48,000 ($28,235) |
6.10 percent |
|
5 |
Ipek Yolu Sigorta |
4.6 million manat ($2.7 million) |
1.9 million manat ($1.1 million) |
2.6 million manat ($1.5 million) |
by 2.3 times |
|
6 |
Nakhchivansigorta |
1,000 manat ($588) |
- |
1,000 manat ($588) |
|
|
7 |
Qala Hayat |
2.7 million manat ($1.6 million) |
1.5 million manat ($882,352) |
1.2 million manat ($705,882) |
46.20 percent |
*Data on insurance payments of Xalq Hayat Sigorta was not provided
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)