Baku, Azerbaijan, Oct.22
By Azad Hasanli - Trend:
The State Service for Insurance Supervision of Azerbaijan announced results of operations of the top 10 insurance companies in Jan.-Sept. of 2015, which accounts for 275.16 million manats, or nearly 80.95 percent of the total insurance fees.
|
Name of insurance company |
Premiums for Jan.-Sept. 2015 (million manats) |
Premiums for Jan.-Sept. 2014 (million manats) |
Share of fee volume on the market in Jan.-Sept. 2015 in % |
Share of fee volume on the market in Jan.-Sept. 2014 in % |
Ranking in Jan.-Sept. 2015 |
Ranking in Jan.-Sept. 2014 |
|
PASHA Insurance |
48.25 |
37.5 |
14.2 |
11.9 |
1 |
1 |
|
PASHA Life |
42.55 |
31.66 |
12.5 |
10.1 |
2 |
2 |
|
Ateshgah Insurance |
35.28 |
26.8 |
10.4 |
8.5 |
3 |
6 |
|
Ateshgah Life |
30.24 |
30.2 |
8.9 |
9.6 |
4 |
4 |
|
AzerInsurance |
29.27 |
30.9 |
8.6 |
9.8 |
5 |
3 |
|
AzInsurance |
24.8 |
27.4 |
7.3 |
11.4 |
6 |
5 |
|
Standard Insurance |
16.8 |
13.76 |
4.95 |
4.38 |
7 |
10 |
|
Silk Way Insurance |
16.33 |
18.26 |
4.8 |
5.8 |
8 |
7 |
|
Qala Life |
16.32 |
14.99 |
4.8 |
4.77 |
9 |
8 |
|
Mega Insurance |
15.34 |
8.86 |
4.5 |
2.8 |
10 |
13 |
|
TOTAL |
275.16 |
240.33 |
80.95 |
79.05 |
- |
- |
Pasha Insurance company held the leading place in the ranking in terms of insurance premiums on the results of January-September 2015, which accounted for 14.2 percent of a total volume of fees collected by all companies during the reporting period.
PASHA Life (12.5 percent of all fees of the market) and Ateshgah Insurance (10.4 percent of all fees of the market) ranked second and third. No changes were observed in the top four insurance companies compared to late August 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.
AzerInsurance state commercial insurance company has dropped to fifth place from fourth place compared to Aug.2015, and Ateshgah Life has risen to fourth place from fifth place. Silk Way Insurance and Qala Life, which held seventh and eighth places, respectively, in August, dropped one position each. Standard Insurance rose from ninth to seventh place in the reporting period.
In January-September. 2015 the total amount of fees of insurance companies operating in the country amounted to 339.26 million manats or by 8 percent more compared to the same period of 2014. The volume of payments of insurance companies for January-September 2015 amounted to 116.4 million manats or by 9.5 percent more than in January-September 2014.
The official exchange rate for Oct.22 is 1.0475 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