BAKU, Azerbaijan, June 29
By Yusif Aghayev – Trend:
Fourteen insurance companies operating in Azerbaijan increased the collection of insurance premiums from January through May 2020 compared to the same period of 2019, Trend reports referring to a report published by the Central Bank of Azerbaijan.
The highest dynamics of growth in the collection of insurance premiums was observed in Xalq Hayat Sigorta – 6.3 times, Amrah Sigorta – 4.7 times, Nakhchivan Sigorta - 2.4 times, Azerbaijan Industrial Insurance Company - 91 percent, and Gunay Sigorta – 77.5 percent.
The lowest dynamics of growth in the collection of insurance premiums was observed in Qala Hayat Sigorta – 3.6 percent from January through May 2020 compared to the same period of 2019.
The ranking of domestic insurers, reflecting the dynamics of growth in the collection of insurance premiums is as follows:
|
# |
Insurance company |
from Jan. through May 2019 |
from Jan. through May 2020 |
Dynamics of growth |
|
1 |
Amrah Sigorta |
227,000 manat ($133,500) |
1.07 mln manat ($630,000) |
4.7 times |
|
2 |
A-Group |
3.5 mln manat ($2 mln) |
5.2 mln manat ($3 mln) |
47.7 percent |
|
3 |
Ateshgah Hayat |
16.9 mln manat ($9.9 mln) |
18 mln manat ($10.5 mln) |
6.5 percent |
|
4 |
Azerbaijani State Insurance Commercial Company |
34.5 mln manat ($20.2 mln) |
38.3 mln manat ($22.5 mln) |
11 percent |
|
5 |
Azerbaijan Industrial Insurance Company |
2.3 mln manat ($1.3 mln) |
4.4 mln manat ($2.5 mln) |
91percent |
|
6 |
Baku Sigorta company |
448,000 manat ($262,500) |
575,000 manat ($338,200) |
28.3 percent |
|
7 |
Gunay Sigorta |
1.8 mln manat ($1.06) |
3.3 mln manat ($1.9 mln) |
77.5 percent |
|
8 |
Ipek Yolu Sigorta company |
8 mln manat ($4.7 mln) |
9.2 mln manat ($5.4 mln) |
14 percent |
|
9 |
Nakhchivan Sigorta |
181,000 manat ($106,470) |
440,000 manat ($258,820) |
2.4 times |
|
10 |
Pasha Hayat Sigorta |
94.1 mln manat ($55.3 mln) |
116.5 mln manat ($68.5 mln) |
23.8 percent |
|
11 |
Pasha Sigorta |
81.4 mln manat ($47.8 mln) |
90.5 mln manat ($53.2 mln) |
11.2 percent |
|
12 |
Qala Hayat |
5 mln manat ($2.9 mln) |
5.1 mln manat ($3 mln) |
3.2 percent |
|
13 |
Qala Sigorta |
11.5 mln manat ($6.7 mln) |
17.5 mln manat ($10.2 mln) |
52 percent |
|
14 |
Xalq Hayat |
176,000 manat ($103,530) |
1.1 mln manat ($650,000) |
6.3 times |
The Azerbaijani insurance companies collected the insurance premiums worth 355.9 million manat ($209.3 million) from January through May 2020, which is 36.6 million manat ($21.5 million) or approximately 11.5 percent more than in the same period of 2019.
The license of Standard Insurance company was canceled in May 2020.
Today, 21 insurance companies and one reinsurance company operate in Azerbaijan.
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