BAKU, Azerbaijan, April 29
By Yusif Aghayev - Trend:
Profits of eight Azerbaijani insurance companies increased in 2019 compared to 2018, Trend reports citing the published reports of domestic insurers.
The profits of the following insurance companies have increased: Gunay Insurance OJSC, Amrah Insurance OJSC, Qala Hayat Insurance OJSC, PASHA Life Insurance, PASHA Insurance, Qala Insurance OJSC, Ravan Insurance OJSC and Ateshgah Life Insurance.
Gunay Insurance recorded the highest growth dynamics - by 14.8 times, while Ateshgah Life Insurance - the lowest, by 5.4 percent.
The profits of six companies - Mega Insurance OJSC, A-Group OJSC, Baki Sigorta OJSC, Silk Way Insurance OJSC, the State Commercial Insurance Company of Azerbaijan, and AzInsurance OJSC in 2019 were lower than the year before.
The maximum decline was recorded in AzInsurance (82.3 percent), and the lowest one - in Mega Insurance (22.4 percent). The losses of Standard Insurance increased by 73.2 percent.
Xalq Sigorta OJSC, Xalq Hayat Sigorta OJSC, AXA Mbask and Standard Insurance completed the last year with losses.
ATA Insurance, Ateshgah Insurance and Azerbaijan Industrial Insurance ended the last year with profits.
The highest level of losses was recorded in Xalq Sigorta -17.6 million manat ($10.3 million), and the lowest one was registered in Xalq Hayat Sigorta - 1.1 million manat ($650,000).
The remaining insurance companies completed 2019 with profits. Meanwhile, the highest profit was recorded in PASHA Life Insurance - 40.2 million manat ($23.6 million), and the lowest one - in Ravan Insurance (247,000 manat, or $145,290).
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.29)