Azerbaijani insurance companies ranking for Jan.-July 2014

Baku, Azerbaijan, Aug. 25

By Zulfiya Gurbanova - Trend:

The table below presents the ranking of 28 Azerbaijani insurance companies in terms of insurance premiums collected Jan.-July 2014.

Pasha Sıgorta leads the ranking in terms of insurance premiums collected in Jan.-July 2014, according to a report from the State Insurance Supervision Service of Azerbaijani Finance Ministry.

Over 13.2 percent of the total premiums collected during this period accounted for this company.

Atesgah Heyat (10.2 percent of all premium collections) and Pasha Heyat Sigorta (9.98 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.-July, 2014:

Pasha Sigorta led in the ranking in terms of insurance payments as of Jan.-July, 2014. Some 19.7 percent of compensations paid by all insurance companies in the reporting period accounted for the Pasha Sigorta.

Pasha Sigorta is followed by Ateshgah (with payments worth 8.16 million AZN or 10.5 percent of all payments) and State Insurance Commercial Company Azersigorta (with payments worth 7.69 million AZN or 9.86 percent).

Between January and July 2014, the total collections of insurance companies operating in Azerbaijan stood at 251.71 million AZN, or 9.9 percent (22.74 million AZN) more than the figures for the same period of 2013.

The insurance companies' payments in the first seven months of 2014 amounted to 77.76 million AZN, or 13.2 percent (9.08 million AZN) more than the figures for Jan.-July, 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 Aug. 25 is 0.7844 AZN/USD.

Edited by CN