Total long-term liabilities of Azerbaijani leading insurers revealed

BAKU, Azerbaijan, April 21

By Yusif Aghayev - Trend:

The total long-term liabilities of five of 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 the published reports of domestic insurers.

The long-term liabilities of PASHA Life Insurance OJSC amounted to 318.6 million manat ($187.4 million), PASHA Insurance – 103.5 million manat ($60.9 million), Ateshgah Life Insurance – 76.6 million manat ($44.3 million), Silk Way Insurance OJSC – 47.5 million manat ($27.9 million) and Xalq Sigorta OJSC – 30.1 million manat ($17.7 million).

Nine of the remaining 16 companies have the long-term liabilities in the amount of 10million-30 million manat ($5.8million-$17.6 million), six – 1million-10 million manat ($580,000-$5.8 million), and one – less than 1 million manat.

Long-term liabilities of seven out of 21 domestic insurers, with the exception of Nakhchivan Insurance OJSC, decreased in 2019 compared to 2018.

These are long-term liabilities of the following insurance companies: Mega Insurance OJSC, Ateshgah Insurance OJSC, AzInsurance OJSC, Azerbaijan Industrial Insurance OJSC, ATA Insurance OJSC, Qala Hayat Insurance OJSC and AXA Mbask OJSC.

The maximum decrease was recorded in AXA Mbask OJSC - by 90 percent, while the smallest was recorded in Mega Insurance OJSC – by 3.5 percent.

The liabilities of the remaining 14 insurance companies have increased. The highest growth dynamics were recorded in Xalq Hayat Sigorta OJSC – by 79.6 times, the lowest dynamics - in Standard Insurance OJSC – by 5.7 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 compared to 2018.

Currently, 22 insurance and 1 reinsurance companies operate in Azerbaijan.