BAKU, Azerbaijan, August 24. The Central Bank of Azerbaijan (CBA) shared a complaint index on CTP (Compulsory Third Party) insurance based on the activities of Azerbaijan's insurance companies from August 2022 to July 2023, Trend report.
According to the CBA, the calculation of the insurance company's complaints index is made by dividing the insurer's market share of complaints by the market share of concluded contracts.
"The index indicator below 1.0 indicates a high level of service and customer satisfaction with the service received, exceeding the 1.0 mark indicates a low level of service compared to other companies," said the bank.
Complaint index:
|
Insurance companies |
Index: |
|
AzInsurance JSC |
7.54 |
|
Ateshgah Insurance JSC |
2.58 |
|
Silk Way Insurance JSC |
2.53 |
|
A-Group Insurance JSC |
1.78 |
|
Gunay Insurance JSC |
1.74 |
|
Xalg Insurance JSC |
1.52 |
|
Baku Insurance JSC |
1.19 |
|
Azerbaijan Industrial Insurance JSC |
1.04 |
|
Ata Insurance JSC |
0.98 |
|
AzerInsurance JSC |
0.74 |
|
Mega Insurance JSC |
0.43 |
|
Qala Insurance JSC |
0.34 |
|
Pasha Insurance JSC |
0.30 |
|
Nakhchivan Insurance JSC |
0.0 |
The index for Nakhchivan Insurance JSC was calculated based on the complaints received regarding the insurance of vehicles registered in Azerbaijan's Nakhchivan Autonomous Republic.
The CBA notes that the validity period of the licenses of AzInsurance JSC (from September 11, 2022) and Silk Way Insurance JSC (from January 24, 2023) was limited based on a voluntary application by canceling the issued permit for the implementation of CTP, and the license of Gunay Insurance JSC was canceled on June 24, 2023, on a voluntary application.
Currently, since the legal force of the existing contracts on CTP remains, the company continues to regulate insurance cases under the current contracts.
For this reason, the calculation of the complaint index for companies will be carried out as long as the existing contracts remain in force.