BAKU, Azerbaijan, April 16
By Yusif Aghayev - Trend:
The total long-term assets of five of the 21 insurance companies operating in Azerbaijan, with the exception of Nakhchivan Insurance OJSC, exceeded 341 million manat ($200.5 million) as of January 1, 2020, Trend reports citing published reports of domestic insurers.
Meanwhile, the long-term assets of PASHA Life Insurance OJSC amounted to 204.5 million manat ($120.2 million), PASHA Insurance - 60.6 million manat ($35.6 million), Xalq Sıgorta OJSC - 40 million manat ($23.5 million), Mega Insurance OJSC – 23.2 million manat ($13.6 million) and Silk Way Insurance OJSC - 14.4 million manat ($8.4 million).
Four of the remaining 16 companies have the long-term assets in the amount of 10-13 million manat ($5.8-$7.6 million), 11 insurers has the long-term assets in the amount of 1-10 million manat ($588,235 - $5.8 million), and the long-term assets of one company amount to approximately 1 million manat ($588,235).
In addition, long-term assets of five out of 21 domestic insurers decreased in 2019 compared to 2018.
These are long-term assets of the following insurance companies: Ateshgah Insurance OJSC, Silk Way Insurance OJSC, Bakı Sıgorta OJSC, Qala Insurance OJSC and AXA Mbask OJSC.
The maximum decrease was recorded in AXA Mbask OJSC - by 74.5 percent, while the smallest was recorded in Ateshgah Insurance OJSC – by 0.7 percent.
Since the long-term assets of one company - Xalq Hayat Sıgorta - were formed only in 2019, it was impossible to calculate the dynamics of this financial indicator.
The long-term assets of the remaining 15 insurance companies increased. The highest growth dynamics were recorded in Standard Insurance OJSC – 2.4 times, the lowest dynamics - in Ateshgah Life Insurance OJSC – by 0.6 percent.
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.
Presently, 22 insurance companies and one reinsurance company operate in Azerbaijan.