BAKU, Azerbaijan, June 29
By Yusif Aghayev - Trend:
Seven Azerbaijani insurance companies saw decrease in collected insurance premiums from January through May 2020, compared to the same period of 2019, Trend reports citing the report of the Central Bank of Azerbaijan (CBA).
At the same time, Ateshgah Insurance company showed the highest decline dynamics. The company’s collected premiums dropped by 26.6 percent over the year. This is due to a decrease in the company's activity on compulsory liability insurance of motor vehicle owners (OSAGO), a significant increase in loss ratio for this type, as well as due to the loss of a large corporate customer.
Ata Sigorta and Mega Sigorta insurance companies' collected premiums decreased by 22 percent, which is also related to the decrease in their activity on OSAGO insurance.
In turn, AXA MBASK insurance company doesn’t carry out insurance operations this year, and the insignificant amount of collections of this insurer for the reporting period is the payment of accounts receivables for the previous year.
Ravan Sigorta had the lowest downward trend in collection of insurance premiums - less than 1 percent.
Below is the ranking of domestic insurers, reflecting the downward dynamic in the collection of insurance premiums:
|
Insurance companies |
Insurance premiums in Jan. – May 2020 |
Insurance premiums in Jan. – May 2019 |
Downward dynamic |
Downward dynamic |
|
“Atəşgah Sığorta” |
14,273 manat ($8,395) |
10,475 manat ($6,161) |
3,798 manat ($2,234) |
26.6 percent |
|
“AXA MBASK” |
999 manat ($587.6) |
5 manat ($2.9) |
200 times |
|
|
“AZSIĞORTA” |
6,191 manat ($3,641) |
5,196 manat ($3,056) |
995 manat ($585.2) |
16 percent |
|
“Meqa Sığorta” |
13,445 manat ($7,908) |
10,478 manat ($6,163) |
2,964 manat ($1,743) |
22 percent |
|
“Rəvan Sığorta” |
1,059 manat ($622.9) |
1,058 manat ($622.3) |
1 manat (58 cents) |
less than 1 percent |
|
“Xalq Sığorta” |
11,132 manat ($6,548) |
10,805 manat ($6,355) |
327 manat ($192.3) |
3 percent |
|
“Ata Sığorta” |
8,007 manat ($4,710) |
6,245 manat ($3,673) |
1,762 manat ($1,036) |
22 percent |
From January through May 2020, the insurance companies of Azerbaijan collected 355.9 million manat ($209.3 million) of insurance premiums. The amount of collected premiums made up 36.6 million manat ($21.5 million), which is approximately 11.5 percent more compared to the same period of 2019.
In May 2020, the license of Standard Insurance was revoked.
Today, 21 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 manat on June 29)
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