Baku, Azerbaijan, Sept.26
By Azad Hasanli - Trend:
The table below presents the ranking of 28 Azerbaijani insurance companies in terms of insurance premiums collected Jan.-August 2014.
No. |
Insurance companies |
Insurance premiums collected Jan.-August, 2014 (AZN) |
1 |
Pasha Sigorta |
34 979 826.22 |
2 |
Azerbaijani State Commercial Insurance Company Azərsığorta |
28 416 814.00 |
3 |
Atəşgah Həyat |
28 151 646.87 |
4 |
Paşa Həyat Sığorta |
27 856 396.98 |
5 |
AzSığorta |
24 402 003.71 |
6 |
Atəşgah |
24 227 630.60 |
7 |
Ipək Yolu Siğorta |
16 480 839.60 |
8 |
Qala Həyat |
13 773 270.53 |
9 |
AXA MBASK |
12 761 295.22 |
10 |
Standard Insurance |
11 517 016.25 |
11 |
Beynəlxalq Sığorta Şirkəti |
8 787 604.70 |
12 |
Mega Sığorta |
8 026 655.29 |
13 |
Azərbaycan Sənaye Sığorta |
7 987 723.22 |
14 |
Xalq Sığorta |
7 622 118.08 |
15 |
AtaSığorta |
6 524 493.48 |
16 |
Qarant Sığorta |
4 011 564.22 |
17 |
A-Qroup Sığorta Şirkəti |
3 926 943.59 |
18 |
Buta Sığorta |
2 994 868.47 |
19 |
Alfa Sığorta |
2 904 599.50 |
20 |
Rəvan Sığorta |
2 177 138.01 |
21 |
Başak İnam Sığorta Şirkəti |
2 170 568.00 |
22 |
Bakı Sığorta |
2 109 634.45 |
23 |
Əmrah Sığorta |
581 036.21 |
24 |
Era Trans Sığorta |
364 850.06 |
25 |
Azərqarant Sığorta |
323 172.66 |
26 |
Günay Sığorta |
135 222.29 |
27 |
Çartis Azərbaycan |
39 186.21 |
28 |
Royal Sığorta |
2 254.84 |
TOTAL: |
283 256 373.26 |
Pasha Sıgorta leads the ranking in terms of insurance premiums collected in Jan.-August 2014, according to a report from the State Insurance Supervision Service of Azerbaijani Finance Ministry.
Over 12.3 percent of the total premiums collected during this period accounted for this company.
Azer Sigorta (10.03 percent of all premium collections) and Atesgah Heyat (9.94 percent) ranked second and third in the ranking respectively.
The chart below shows the ranking of 28 insurance companies in terms of compensations paid Jan.-August, 2014:
No. |
Insurance company |
Compensations paid Jan.-July, 2014 (AZN) |
1 |
Atəşgah Həyat |
17 874 623.18 |
2 |
Paşa Sığorta |
17 583 684.79 |
3 |
Atəşgah |
9 620 684.57 |
4 |
Azerbaijani State Commercial Insurance Company Azərsığorta |
8 815 260.00 |
5 |
Azərbaycan Sənaye Sığorta |
7 272 569.86 |
6 |
AzSığorta |
6 517 562.43 |
7 |
AXA MBASK |
6 371 843.82 |
8 |
A-Qroup Sığorta Şirkəti |
4 595 920.84 |
9 |
Standard Insurance |
4 328 323.17 |
10 |
Beynəlxalq Sığorta Şirkəti |
3 540 815.14 |
11 |
Xalq Sığorta |
2 286 057.86 |
12 |
AtaSığorta |
2 238 091.69 |
13 |
Paşa Həyat Sığorta |
1 913 630.41 |
14 |
Buta Sığorta |
1 912 124.18 |
15 |
Qarant Sığorta |
1 793 311.10 |
16 |
Bakı Sığorta |
1 521 866.18 |
17 |
Alfa Sığorta |
1 282 064.89 |
18 |
Mega Sığorta |
1 034 070.64 |
19 |
Başak İnam Sığorta Şirkəti |
866 864.78 |
20 |
Rəvan Sığorta |
625 444.72 |
21 |
Qala Həyat |
624 518.12 |
22 |
Əmrah Sığorta |
282 626.38 |
23 |
Ipək Yolu Siğorta |
281 762.91 |
24 |
Era Trans Sığorta |
231 713.64 |
25 |
Günay Sığorta |
62 922.90 |
26 |
Azərqarant Sığorta |
47 418.62 |
27 |
Royal Sığorta |
8 313.97 |
28 |
Çartis Azərbaycan |
339.52 |
TOTAL: |
103 534 430.31 |
Atesgah Heyat led in the ranking in terms of insurance payments as of Jan.-August, 2014. Some 17.26 percent of compensations paid by all insurance companies in the reporting period accounted for it.
Atesgah Heyat is followed by Pasha Sigorta (with payments worth 17.58 million AZN or 16.9 percent of all payments) and Atesgah (with payments worth 9.62 million AZN or 9.2 percent).
Between January and August 2014, the total collections of insurance companies operating in Azerbaijan stood at 283.26 million AZN, or 6.6 percent (17.54 million AZN) more than the figures for the same period of 2013.
The insurance companies' payments in the first eight months of 2014 amounted to 103.53 million AZN, or 32.9 percent (25.7 million AZN) more than the figures for Jan.-August, 2013.
The licenses of two insurance companies - Royal Sıgorta and Gunay Sıgorta were temporarily suspended in line with a decision taken by Azerbaijani Finance Ministry on February 24, 2014.
However, Gunay Sıgorta's license was reinstated May 29.
Six months were allocated in accordance with the insurance legislation to address the shortcomings in these companies' activities, which caused the suspension of their licenses.
Royal Sigorta will be able to reinstate its license if the company aligns its aggregate capital with the Finance Ministry's minimum requirement.
The minimum total capital of insurance companies, working in the non-life insurance sector, is set at 5 million AZN.
The sole reinsurance company AzRe's statistical indices are not provided in the Azerbaijani Finance Ministry's report.
The official exchange rate for Sept. 26 is 0.7844 AZN/USD.