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BAKU, Azerbaijan, Apr. 16
By Yusif Aghayev - Trend:
The assets of two out of 21 Azerbaijani insurance companies (excluding Nakhchivan Insurance company) exceeded 100 million manat ($58.8 million) in 2019, Trend reports citing published reports of the country’s insurers.
The companies are PASHA Life Insurance, assets of which amount to 400.1 million manat ($235.3 million), and PASHA Insurance, with assets of 201.2 million manat ($118.3 million).
The assets of three companies range from 70 through 100 million manat: Ateshgah Life (97.4 million manat, or $57.3 million), Xalq Insurance (71.7 million manat, or $42.1 million), and Silk Way Insurance (70.5 million manat, or $41.4 million).
From the remaining 16 insurance companies, assets of 15 ones range from 10 through 70 million manat.
As of January 1, 2020, the assets of six out of the 21 Azerbaijani insurance companies, excluding Nakhchivan Insurance, decreased compared to 2018. These are, Azerbaijan Industrial Insurance Company, Ateshgah Life Insurance Company, AzInsurance, Qala Life Insurance, ATA Insurance and AXA Mbask.
The most significant decline in assets was recorded in AXA Mbask insurance company - by 49.2% compared to 2019, and the least decrease - in Azerbaijan Industrial Insurance Company (1.3%).
The assets of the remaining 15 insurance companies increased. The highest growth dynamics of assets was recorded in Silk Way Insurance company (2.4 times), and the lowest dynamics - in A-Group insurance company (3.5%).
Azerbaijan’s insurance companies collected insurance premiums in the amount of 681.1 million manat ($400.6 million) in 2019, which is 46.7 million manat ($27.4 million), or 6.4 percent less compared to 2018.
The Azerbaijani insurance companies paid insurance claims in the amount of 301.5 million manat ($177.3 million), indicating an increase of 61.2 million manat ($36 million) or 25.4 percent compared to 2018.
Currently, 22 insurance and 1 reinsurance companies operate in Azerbaijan.
(1 USD = 1.7 AZN on Apr.16)