Baku, Azerbaijan, Feb. 25
By Azad Hasanli - Trend:
The Azerbaijani Finance Ministry announced results of operations of the top 10 insurance companies in January 2015, which accounts for over 87 percent of the total insurance fees.
|
Name of insurance company |
Premiums for Jan. 2015 (million manats) |
Premiums for Jan. 2014 (million manats) |
Share of fee volume on the market in Jan. 2015 in % |
Share of fee volume on the market in Jan. 2014 in % |
Ranking in Jan. 2015 |
Ranking in Jan. 2014 |
|
PASHA Insurance |
24,38 |
23,6 |
38,77 |
38,6 |
1 |
1 |
|
Silk Way Insurance |
7,44 |
7,4 |
11,83 |
12,1 |
2 |
3 |
|
Ateshgah |
5,83 |
2,76 |
9,27 |
4,5 |
3 |
5 |
|
PASHA Life |
3,66 |
1,69 |
5,8 |
2,77 |
4 |
8 |
|
Ateshgah Life |
2,76 |
7,94 |
4,39 |
12,99 |
5 |
2 |
|
Mega Insurance |
2,67 |
1,1 |
4,25 |
1,8 |
6 |
11 |
|
AXA MBASK |
2,4 |
1,86 |
3,82 |
3,04 |
7 |
7 |
|
AzInsurance |
2,34 |
2,28 |
3,72 |
3,7 |
8 |
6 |
|
Qala Life |
1,76 |
3,59 |
2,8 |
5,87 |
9 |
4 |
|
Xalq Insurance |
1,73 |
0,47 |
2,75 |
0,77 |
10 |
18 |
|
TOTAL |
54,97 |
52,69 |
87,4 |
86,14 |
- |
- |
The official exchange rate for February 25 is 1.0502 AZN/USD.
Pasha Insurance company held the leading place in the ranking in terms of insurance premiums on the results of January 2015, which accounted for 38.77 percent of a total volume of fees collected by all companies during the reporting period.
Silk Way Insurance (11.83 percent of all fees of the market) and Ateshgah (9.27 percent of all fees of the market) ranked second and third.
On the results of January 2015, Silk Way Insurance has risen from ninth to second place, leaving PASHA Life behind, and Ateshgah - from the sixth to the second position, taking the place of the Azersigorta state insurance commercial company, which last month was not included in the TOP-10 insurance companies on fees.
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.
Ateshgah Life, which took the fourth place in December 2014, fell in January 2015 by one notch, AXA MBASK took seventh place (eighth place at the end of 2014), Mega Insurance and Xalq Insurance, which were not included in the TOP-10 in December 2014, took the sixth and tenth places, respectively, in January 2015.
In January 2015 the total amount of fees of insurance companies operating in the country amounted to 62.89 million manats or by 2.88 percent (1.76 million manats) more compared to the same period of 2014. The volume of payments of insurance companies for January 2015 amounted to 10.3 million manats or by 27.6 percent (2.23 million manats) 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 (excluding the Royal Sigorta) in Azerbaijan
Edited by CN
Follow the author on Twitter: @AzadHasanli