BAKU, Azerbaijan, April 18
By Yusif Aghayev - Trend:
The total short-term assets of five of the 21 insurance companies operating in Azerbaijan, with the exception of Nakhchivan Insurance OJSC, exceeded 500 million manat ($294.1 million) as of January 1, 2020, Trend reports citing published reports of domestic insurers.
The short-term assets of PASHA Life Insurance OJSC amounted to 195.5 million manat ($115 million), PASHA Insurance - 140,6 million manat ($82.7 million), Ateshgah Life Insurance OJSC – 92.1 million manat ($54.1 million), Silk Way Insurance OJSC – 68.7 million manat ($40.4 million) and AzInsurance – 47.4 million ($27.9 million).
Ten of the remaining 16 companies have the short-term assets in the amount of 10 million -32 million manat ($5.8 million - $18.8 million), and six insurers have the short-term assets in the amount of 10 million manat ($5.8 million).
Furthermore, short-term assets of ten out of 21 domestic insurers decreased as of January 1, 2020, compared to January 1, 2019.
These are short-term assets of the following insurance companies: Azerbaijan Industrial Insurance, Standard Insurance, Ateshgah Insurance, AzInsurance, Ravan Insurance, Gunay Insurance, Mega Insurance, ATA Insurance, AXA Mbask and Xalq Hayat Sigorta OJSC.
The maximum decrease was recorded at Xalq Hayat Sigorta - by 55 percent, while the smallest decrease was recorded at Azerbaijan Industrial Insurance – by 3.1 percent.
The short-term assets of the remaining 11 insurance companies increased. The highest growth dynamics was recorded at Silk Way Insurance OJSC – 2.4 times, the lowest dynamics - at Xalq Hayat Sigorta (by 3.1 percent).
In 2019, 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.