BAKU, Azerbaijan, May 7
By Yusif Aghayev - Trend:
Three insurance companies operating in Azerbaijan decreased the dynamics of payments on insurance claims in the first quarter of 2020 compared to the same period of 2019, Trend reports citing the published report of the Central Bank of Azerbaijan (CBA).
Over the reporting period, the highest dynamics in reducing insurance claims, namely, more than 10 times, was observed at AXA Mbask Insurance Company compared to the same period of 2020. This is due to the fact that the company has not been carrying out insurance operations since 2019.
Insurance claims paid by ATA Insurance and Ateshgah Insurance decreased by 20.5 and 8 percent, respectively. This is due to a decrease in the activity of these insurance companies on compulsory motor-vehicle liability insurance (OSAGO), due to a significant increase in its loss ratio.
Nakhchivan Sigorta and Xalq Life Insurance companies did not pay insurance claims in the first quarter of 2020.
In 1Q2020, Azerbaijani insurance companies paid insurance claims in the amount of 77 million manat ($45.2 million), which is 30.8 million manat ($18.1 million) or 66.6 percent more compared to 1Q2019.
Presently, 22 insurance companies and one reinsurance company operate in Azerbaijan.
(1 USD = 1.7 AZN on May 7)
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