Baku, Azerbaijan, Feb. 26
By Azad Hasanli - Trend:
The Azerbaijan Insurers Association announced the outcome of the top ten insurance companies' activity in January 2015, which accounts for 82 percent of the total insurance payments.
|
Name of insurance company |
Payments for Jan. 2015 (million manat) |
Payments for Jan. 2014 (million AZN) |
Share of payment volume on the market in Jan. 2015 in % |
Share of payment volume on the market in Jan. 2014 in % |
Ranking in Jan. 2015 |
Ranking in Jan. 2014 |
|
"PASHA Insurance" |
2,34 |
1,37 |
22,7 |
16,9 |
1 |
1 |
|
"Ateshgah" |
1,14 |
0,96 |
11,1 |
11,85 |
2 |
2 |
|
"AXA MBASK" |
1,05 |
0,68 |
10,19 |
8,4 |
3 |
4 |
|
"AzInsurance" |
0,68 |
0,54 |
6,6 |
6,7 |
4 |
7 |
|
Standard Insurance |
0,65 |
0,57 |
6,3 |
7,04 |
5 |
6 |
|
State Insurance Commercial Company "Azersigorta" |
0,62 |
0,62 |
6,02 |
7,65 |
6 |
5 |
|
"Azerbaijan Industry Insurance" |
0,57 |
0,07 |
5,53 |
0,86 |
7 |
20 |
|
"International Insurance Company" |
0,54 |
0,21 |
5,24 |
2,59 |
8 |
11 |
|
"A-Group" |
0,53 |
0,46 |
5,1 |
5,68 |
9 |
8 |
|
"Xalq Insurance" |
0,31 |
0,2 |
3,01 |
2,5 |
10 |
12 |
|
TOTAL |
8,43 |
5,68 |
81,79 |
70,17 |
- |
- |
As of January 2015, PASHA Insurance topped the ranking in terms of insurance payments again. Around 22.7 percent of compensation paid by all companies in the reporting period accounted for this company. The company made payments worth 2.34 million manat in January.
Ateshgah insurance company ranked second with total payments of 1.14 million manat (11.1 percent of all payments), while AXA MBASK ranked third with payments worth 1.05 million manat (10.19 percent). As of January, Ateshgah was ahead of Ateshgah Life. As of January, it ranked eleventh. AXA MBASK moved from fifth to third [in December 2014].
During the reporting period, AzInsurance, Standard Insurance, International Insurance Company and Xalq Insurance ranked fourth, fifth, eighth and tenth positions respectively. They ranked sixth, eighth, tenth and twelfth positions the previous month. Azersigorta dropped from fourth to sixth.
In January 2015 the total amount of fees of insurance companies operating in the country amounted to 62.89 million manat or by 2.88 percent (1.76 million manat) more compared to the same period of 2014. The volume of payments of insurance companies for January 2015 amounted to 10.3 million manat or by 27.6 percent (2.23 million manat) 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
The official exchange rate is 1.0502 AZN/USD as of Feb. 25.
Follow the author on Twitter: @AzadHasanli
Edited by CN