Total short-term liabilities of Azerbaijani leading insurers disclosed

Economy Materials 22 April 2020 12:43 (UTC +04:00)
Total short-term liabilities of Azerbaijani leading insurers disclosed

BAKU, Azerbaijan, April 22

By Yusif Aghayev - Trend:

The total short-term liabilities of four of 21 insurance companies operating in Azerbaijan, with the exception of Nakhchivan Insurance OJSC, made up 30 million manat ($17.6 million) as of January 1, 2020, Trend reports citing the published reports of domestic insurers.

The short-term liabilities of PASHA Insurance amounted to 13 million manat ($7.7 million), PASHA Life Insurance OJSC – 8.5 million manat ($5 million), Qala Insurance OJSC – 5 million manat ($2.9 million), and Ateshgah Life Insurance – 2 million manat ($1.2 million).

Five of the remaining 17 insurance companies have the short-term liabilities in the amount of 1 million-2 million manat ($590,000-$1.1 million), eight – from 100,000 manat to 1 million manat ($59,000 to $590,000), and four – less than 100,000 manat.

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

These are short-term liabilities of the following insurance companies: Baki Sigorta OJSC, Ateshgah Life Insurance OJSC, Azerbaijan Industrial Insurance OJSC, Ateshgah Insurance OJSC, Qala Hayat Insurance OJSC, AXA Mbask OJSC and the State Insurance Commerce Company of Azerbaijan.

The maximum decrease was recorded in the State Insurance Commerce Company of Azerbaijan - by 91.2 percent, while the smallest was recorded in Baki Sigorta OJSC – by 5.4 percent.

Since the short-term liabilities of Xalq Hayat Sigorta OJSC were formed only last year, it was impossible to calculate their change dynamics.

The liabilities of the remaining 13 insurance companies have increased. The highest growth dynamics were recorded in ATA Insurance OJSC – by 58.5 times, the lowest dynamics - in Mega Insurance OJSC – by 12.1 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.

($1 = 1.7 manat on Apr.22)