Total assets of Azerbaijani insurers disclosed

BAKU, Azerbaijan, April 27

By Yusif Aghayev - Trend:

The total assets of insurance companies operating in Azerbaijan, with the exception of Nakhchivan Insurance OJSC and the State Industrial Commerce Insurance Company of Azerbaijan, exceeded 1.2 billion manat ($720 million), Trend reports citing published reports of domestic insurers.

The leading five insurance companies are PASHA Life Insurance, assets of which amounted to 400.1 million manat ($235.3 million), PASHA Insurance, with assets of 201.2 million manat ($118.3 million), Ateshgah Life Insurance (97.4 million manat, or $57.3 million), Xalq Insurance (71.7 million manat, or $42.1 million), and Silk Way Insurance (70.5 million manat, or $41.4 million).

Fifteen insurance companies have assets ranging from 10 million manat ($5.9 million) up to 70 million manat ($41.1 million), and one – less than 10 million manat.

As of January 1, 2020, the assets of six Azerbaijani insurance companies decreased compared to January 1, 2019.

These companies are Azerbaijan Industrial Insurance Company, Ateshgah Insurance Company, AzInsurance, Qala Life Insurance, ATA Insurance and AXA Mbask.

The most significant decline in assets was recorded in AXA Mbask insurance company - by 49.2 percent compared to 2019, and the least decrease - in Azerbaijan Industrial Insurance Company (1.3 percent).

The assets of 15 insurance companies increased. The highest growth dynamics of assets was recorded in Silk Way Insurance company (2.4 times), and the lowest dynamics - in A-Group insurance company (3.5 percent).

The data on assets of domestic insurance companies is as follows:

Presently, 22 insurance companies and one reinsurance company operate in Azerbaijan.

(1 USD = 1.7 AZN on Apr. 27)