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Total incomes of leading Azerbaijani insurers disclosed

Economy Materials 27 April 2020 14:41 (UTC +04:00)
Total incomes of leading Azerbaijani insurers disclosed

BAKU, Azerbaijan, April 27

By Yusif Aghayev - Trend:

The total incomes of 5 of 21 insurance companies operating in Azerbaijan, with the exception of Nakhchivan Insurance OJSC, made up over 480 million manat ($282.3 million) as of January 1, 2020, Trend reports citing the published reports of domestic insurers.

The incomes of PASHA Life Insurance amounted to 196.9 million manat ($115.8 million), PASHA Insurance OJSC – 151.2 million manat ($88.9 million), the State Insurance Commerce Company of Azerbaijan – 54.3 million manat ($31.9 million), Silk Way Insurance OJSC – 39.1 million manat ($23 million) and Ateshgah Insurance – 39 million manat ($22.9 million).

Eight of the remaining 16 insurance companies have the incomes within the 11 million-27 million manat ($6.4 million-$15.8 million) range, five – from 1 million manat through 7 million manat ($590,000 through $4.1 million), and one – less than 1 million manat.

Incomes of 11 domestic insurers decreased in 2019 compared to 2018.

These are incomes of the following insurance companies: Baki Sigorta OJSC, Ateshgah Insurance, Xalq Sigorta OJSC, Standard Insurance OJSC, Mega Insurance OJSC, Gunay Insurance OJSC, Qala Hayat Insurance OJSC, Azerbaijan Industrial Insurance OJSC, AzInsurance OJSC and AXA Mbask OJSC.

The maximum decrease was recorded in AXA Mbask - by 51.8 percent, while the smallest was recorded in Baki Sigorta – by 1.1 percent.

Since the incomes of Xalq Hayat Sigorta OJSC were formed only last year, it was impossible to calculate its income change dynamics.

The incomes of the remaining 10 insurance companies have increased. The highest growth dynamics were recorded in Silk Way Insurance OJSC – by 89.1 times, the lowest dynamics - in the State Insurance Commerce Company of Azerbaijan – by 3.5 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.27)

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