Baku, Azerbaijan, Jan. 27
By Anvar Mammadov - Trend:
The State Service for Insurance Supervision of Azerbaijan announced results of operations of the top 10 insurance companies in 2015, which accounts for 354.62 million manats, or 80 percent of the total insurance fees.
Name of insurance company |
Premiums for 2015 (million manats) |
Premiums for 2014 (million manats) |
Share of fee volume on the market in 2015 in % |
Share of fee volume on the market in 2014 in % |
Ranking in 2015 |
Ranking in 2014 |
PASHA Insurance |
64,78 |
50,70 |
14,63 |
11,81 |
1 |
1 |
PASHA Life |
54,53 |
41,9 |
12,31 |
9,76 |
2 |
2 |
Ateshgah Insurance |
43,54 |
35,3 |
9,83 |
8,22 |
3 |
6 |
AzerInsurance |
41,38 |
41,62 |
9,34 |
9,7 |
4 |
3 |
Ateshgah Life |
39,12 |
37,93 |
8,83 |
8,84 |
5 |
4 |
AzInsurance |
32,76 |
36,75 |
7,4 |
8,56 |
6 |
5 |
Qala Life |
22,83 |
25,16 |
5,15 |
5,86 |
7 |
7 |
Standard Insurance |
19,73 |
17,52 |
4,45 |
4,08 |
8 |
10 |
Silk Way Insurance |
18,32 |
19,05 |
4,14 |
4,44 |
9 |
9 |
Mega Insurance |
17,62 |
14,41 |
3,98 |
3,36 |
10 |
11 |
TOTAL |
354,62 |
325,07 |
80,0 |
75,74 |
- |
- |
Pasha Insurance company held the leading place in the ranking in terms of insurance premiums on the results of 2015, which accounted for 14.63 percent of a total volume of fees collected by all companies during the reporting period.
PASHA Life (12.31 percent of all fees of the market) and Ateshgah Insurance (9.83 percent of all fees of the market) ranked second and third.
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.
No changes were observed in the top ten insurance companies compared to late October 2015.
In 2015 the total amount of fees of insurance companies operating in the country amounted to 442.91 million manats or by 3.2 percent more compared to 2014. The volume of payments of insurance companies for 2015 amounted to 180.24 million manats or by 14.7 percent more than in 2014.
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.