Total authorized capital of five Azerbaijani leading insurers revealed

By Trend

The total authorized capital of five leading insurance companies operating in Azerbaijan amounted to nearly 196 million manat ($115.2 million) as of January 1, 2020, Trend reports citing the published reports of domestic insurers.

The authorized capital of Xalq Sigorta OJSC amounted to 58.7 million manat ($34.5 million), PASHA Insurance – 50 million manat ($29.4 million), PASHA Life Insurance – 40.2 million manat ($23.6 million), AXA Mbask OJSC – 23.9 million manat ($14 million) and Mega Insurance OJSC – 23 million manat ($13.5 million).

Seven of the remaining 16 companies have the authorized capital in the amount of 10 million-15 million manat ($5.8 million-$8.8 million), and eight – 1 million-10 million manat ($580,000-$5.8 million).

Authorized capital of four out of 21 domestic insurers increased in 2019 compared to 2018.

These are authorized capitals of the following insurance companies: Mega Insurance OJSC, Xalq Sigorta OJSC, Standart Insurance OJSC and Qala Hayat Insurance OJSC.

The maximum growth dynamics was recorded at Mega Insurance OJSC - by 58.6 percent, while the minimum growth dynamics at Qala Hayat Insurance OJSC – by 1.3 percent.

The authorized capital of the remaining 17 insurance companies didn’t change.

Azerbaijan’s insurance companies collected insurance premiums in the amount of 681.1 million manat ($400.6 million) in 2019, which is 46.7 million manat ($27.4 million), or 6.4 percent less compared to 2018.

The Azerbaijani insurance companies paid insurance claims in the amount of 301.5 million manat ($177.3 million), indicating an increase of 61.2 million manat ($36 million) or 25.4 percent compared to 2018.

Currently, 22 insurance and 1 reinsurance companies operate in Azerbaijan.