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Azerbaijani insurance companies collect more premiums in 2020

Finance Materials 29 January 2021 14:42
Azerbaijani insurance companies collect more premiums in 2020

BAKU, Azerbaijan, Jan. 29

By Zeyni Jafarov – Trend:

The Central Bank of Azerbaijan (CBA) published data on revenues of Azerbaijani insurance companies for 2020, Trend reports referring to the CBA’s report.

According to the report, in the past year, the companies have collected over 728 million manat ($428.6 million) of insurance premiums. The amount of collected insurance premiums is 7 percent more than in 2019.

The review of revenues among domestic insurance companies is as follows:

No

Insurance company

Revenues from premiums

1

PASHA Life

242.6 million manat ($142.7 million)

2

PASHA Insurance

163.45 million manat ($96.15 million)

3

State Insurance Commercial Company

49.1 million manat ($28.88 million)

4

Ateshgah Life

41.5 million manat ($24.4 million)

5

Xalq Sigorta

31.18 million manat ($18.3 million)

6

Gala Insurance

32.8 million manat ($19.3 million)

7

Meqa Sigorta

28.6 million manat ($16.8 million)

8

Ateshgah

25.35 million manat ($14.9 million)

9

Ipek Yolu Sigorta

17.3 million manat ($10.2 million)

10

Gala Life

15.94 million manat ($9.38 million)

11

Azsigorta

15.91 million manat ($9.36 million)

12

AtaSigorta

13.89 million manat ($8.17 million)

13

A-Group

17.05 million manat ($10.03 million)

14

Azerbaijan Industrial Insurance Company

9.042 million manat ($5.318 million)

15

Gunay Sigorta

9.045 million manat ($5.32 million)

16

Xalq Hayat

3.67 million manat ($2.16 million)

17

Amrah Sigorta

1.98 million manat ($1.16 million)

18

Baku Sigorta

2.06 million manat ($1.2 million)

19

Nakhchivansigorta

1.67 million manat ($980,000)

20

Ravan Sigorta

1.07 million manat ($630,000)

21

AXA MBASK

5,000 manat ($2,941)

Total:

728.6 million manat ($428.6 million)

Currently, 20 insurance companies and one reinsurance company operate in Azerbaijan. The licenses of three previously operating Azerbaijani insurance companies (Standard Insurance, Amrah Sigorta, and AXA MBASK) were revoked.

(1 USD = 1.7 AZN on Jan.29)

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