BAKU, Azerbaijan, Apr. 30
By Yusif Aghayev - Trend:
The data on collections in the Azerbaijani insurance market for the first quarter of 2020 were disclosed, Trend reports referring to a report of Azerbaijan’s Central Bank (CBA).
According to the report, in the reporting period, Azerbaijani insurance companies collected insurance premiums in the amount of 240.7 million manat ($141.6 million), which is 39.5 million manat ($23.2 million), or 20 percent more compared to 1Q2019.
Below is a review of the fees among domestic insurance companies:
|
PASHA Insurance |
75.9 mln manat ($44.6 mln) |
|
PASHA Life Insurance |
53.7 mln manat ($31.6 mln) |
|
State Commercial Insurance Company of Azerbaijan |
35.7 mln manat ($21 mln) |
|
Ateshgah Life Insurance Company |
11 mln manat ($6.4 mln) |
|
Qala Sigorta |
10.7 mln manat ($6.3 mln) |
|
Silk Way Insurance |
8.1 mln manat ($4.7 mln) |
|
Ateshgah Insurance |
7.8 mln manat ($4.5 mln) |
|
Mega Insurance |
7.3 mln manat ($4.3 mln) |
|
Xalq Sigorta |
6.9 mln manat ($4 mln) |
|
ATA Insurance |
3.5 mln manat ($2.08 mln) |
|
Standard Insurance |
3.4 mln manat ($2.03 mln) |
|
AzInsurance |
3.3 mln ($1.9 mln) |
|
Azerbaijan Industrial Insurance Company |
3.1 mln manat ($1.8 mln) |
|
A-Group |
3 mln manat ($1.7 mln) |
|
Qala Hayat |
2.3 mln manat ($1.4 mln) |
|
Gunay Insurance |
1.8 mln manat ($1.09 mln) |
|
Revan Insurance |
906,000 manat ($532,940) |
|
Amrah Insurance |
722,000 manat ($424,710) |
|
Xalq Hayat Sigorta |
475,000 manat ($279,410) |
|
Baki Sigorta |
349,000 manat ($205,290) |
|
Nakhchivansigorta |
247,000 manat ($145,200) |
|
AXA MBASK Insurance Company OJSC |
5,000 manat ($2,940) |
|
TOTAL |
240.7 mln manat ($141.6 million) |
The premiums collected in January and February 2020 were significantly more compared to the same period of 2019; the growth was 27 and 76 percent, respectively.
Meanwhile, in March 2020, the premiums worth only 50 million manat ($29 million) were collected, which is over 18.3 million manat ($10.8 million), or 26.5 percent less than in March 2019.
Such decrease resulted from the introduction of restriction measures under the special quarantine regime associated with the COVID-19 pandemic.
Today, 22 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 manat on April 30)