Real estate insurance premiums of Azerbaijan’s A-Qroup company increase

Economy Materials 14 February 2020 14:15 (UTC +04:00)
Real estate insurance premiums of Azerbaijan’s A-Qroup company increase

BAKU, Azerbaijan, Feb. 14

By Yusif Aghayev - Trend:

The volume of real estate insurance premiums of Azerbaijan’s A-Qroup insurance company last year increased by almost 515 percent compared to 2018, which demonstrates stable positive growth dynamics of the company, Trend reports referring to the company’s website.

The total volume of insurance premiums of the company for 2019 amounted to 15.1 million manat ($8.8 million), which exceeds indices of the previous year by 15 percent.

The total amount of insurance payments for last year amounted to 8.5 million manat ($5 million), which is 5.9 percent more than the amount paid by the company in 2018.

During 2019, more than 200 corporate clients entered the company’s client portfolio.

A-Qroup insurance company has been operating in Azerbaijan since 1995 as a full-fledged insurance company, engaged in non-life insurance. The company has a license for 14 voluntary types of insurance. For a long period of time the company has been the undisputed leader in the voluntary health insurance segment.

Last year, A-Qroup insurance company took 12th place in the ranking of Azerbaijan’s insurance companies in collecting premiums.

In general, Azerbaijani insurance companies collected insurance premiums worth 681.1 million manat ($400.6 million) in 2019, which is 46.7 million manat ($27.5 million) or 6.4 percent less than in 2018 and paid insurance claims for 301.5 million manat ($177.3 million), which is 61.2 million manat ($36 million) or 25.4 percent more than in 2018.

As many as 22 insurance companies and one reinsurance company operate in Azerbaijan.

($1= 1.7 manat on Feb. 14)