Baku, Azerbaijan, May 18
By Azad Hasanli - Trend:
The State Service for Insurance Supervision of Azerbaijan announced results of operations of the top 10 insurance companies in Jan.-Apr. of 2015, which accounts for nearly 81.38 percent of the total insurance fees.
|
Name of insurance company |
Premiums for Jan.-Apr. 2015 (million manats) |
Premiums for Jan.-Apr. 2014 (million manats) |
Share of fee volume on the market in Jan.-Apr. 2015 in % |
Share of fee volume on the market in Jan.-Apr. 2014 in % |
Ranking in Jan.-Apr. 2015 |
Ranking in Jan.-Apr. 2014 |
|
PASHA Insurance |
32,34 |
28,6 |
19,48 |
19,13 |
1 |
1 |
|
PASHA Life |
20,15 |
14,9 |
12,1 |
9,97 |
2 |
3 |
|
Ateshgah |
16,8 |
9,57 |
10,12 |
6,4 |
3 |
6 |
|
Ateshgah Life |
14,65 |
17,45 |
8,8 |
11,67 |
4 |
2 |
|
AzInsurance |
11,3 |
12,05 |
6,8 |
8,06 |
5 |
4 |
|
State Commercial Insurance Company AzerInsurance |
10 |
10,19 |
6,02 |
6,8 |
6 |
5 |
|
Silk Way Insurance |
8,4 |
8,24 |
5,06 |
5,5 |
7 |
8 |
|
Mega Insurance |
8,2 |
4,2 |
4,9 |
2,8 |
8 |
12 |
|
Qala Life |
7,1 |
8,48 |
4,3 |
5,67 |
9 |
7 |
|
AXA MBASK |
6,3 |
5,8 |
3,8 |
3,88 |
10 |
9 |
|
TOTAL |
135,24 |
119,48 |
81,38 |
79,88 |
- |
- |
Pasha Insurance company held the leading place in the ranking in terms of insurance premiums on the results of January-April 2015, which accounted for 19.48 percent of a total volume of fees collected by all companies during the reporting period.
PASHA Life (12.1 percent of all fees of the market) and Ateshgah (10.12 percent of all fees of the market) ranked second and third. No changes were observed in the top four insurance companies compared to late March 2015.
TOP-10 in terms of insurance premiums comprises of the three companies entitled to engage in life insurance in Azerbaijan - Ateshgah Life, Qala Life and PASHA Life.
AzInsurance has risen to fifth place from sixth place compared to Mar.2015, and AzerInsurance has fallen to sixth place.
In January-Apr. 2015 the total amount of fees of insurance companies operating in the country amounted to 166.01 million manats or by 11.06 percent (16.53 million manats) more compared to the same period of 2014. The volume of payments of insurance companies for January-April 2015 amounted to 58.1 million manats or by 31.45 percent (13.9 million manats) more than in January-April 2014.
The official exchange rate for May 18 is 1.0471 AZN / USD.
The report of the Azerbaijani Ministry of Finance has not included the results of the activity of AzRE, the only reinsurance company.
There are 27 insurance companies in Azerbaijan
Follow the author on Twitter: @AzadHasanli