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Growth dynamics of expenses by Azerbaijani insurers disclosed

Economy Materials 28 April 2020 15:30 (UTC +04:00)
Growth dynamics of expenses by Azerbaijani insurers disclosed

BAKU, Azerbaijan, April 28

By Yusif Aghayev - Trend:

The total expenses of leading insurance companies operating in Azerbaijan made up nearly 426 million manat ($250.5 million) in 2019, Trend reports citing the published reports of domestic insurers.

The expenses of PASHA Life Insurance amounted to 156.7 million manat ($92.2 million), PASHA Insurance OJSC – 111.1 million manat ($65.3 million), the State Insurance Commerce Company of Azerbaijan – 54.3 million manat ($30.8 million), Silk Way Insurance OJSC – 38 million manat ($22.4 million), Ateshgah Insurance – 37.5 million manat ($22.1 million), and Xalq Sigorta OJSC – 30 million manat ($17.7 million).

Nine of the remaining insurance companies incurred expenses from 13 million manat ($7.6 million) through 30 million manat($17.7 million), five – from 1 million manat through 6 million manat ($590,000 through $3.5 million), and one – less than 1 million manat ($590,000).

Expenses of 8 domestic insurers decreased in 2019 compared to 2018.

These are expenses of the following insurance companies: Standard Insurance OJSC, Ateshgah Insurance, Mega Insurance OJSC, AzInsurance OJSC, Gunay Insurance OJSC, Qala Hayat Insurance OJSC, AXA Mbask OJSC and OJSC.

The maximum decrease was recorded in Azerbaijan Industrial Insurance - by 49.7 percent, while the smallest was recorded in Standard Insurance – by 5.7 percent.

The expenses of 13 insurance companies have increased. The highest growth dynamics were recorded in Xalq Hayat Sigorta – by 66.9 times, the lowest dynamics were observed in ATA Insurance – by 2.8 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 companies and 1 reinsurance company operate in Azerbaijan.

($1 = 1.7 manat on Apr.28)

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