Baku, Azerbaijan, Mar. 19
By Azad Hasanli - Trend:
The Azerbaijani Finance Ministry announced results of operations of the top 10 insurance companies in January-February 2015, which accounts for over 83 percent of the total insurance fees.
|
Name of insurance company |
Premiums for Jan.-Feb. 2015 (million manats) |
Premiums for Jan.-Feb. 2014 (million manats) |
Share of fee volume on the market in Jan.-Feb. 2015 in % |
Share of fee volume on the market in Jan.-Feb. 2014 in % |
Ranking in Jan.-Feb. 2015 |
Ranking in Jan.-Feb. 2014 |
|
PASHA Insurance |
26,1 |
25,08 |
25,65 |
27,4 |
1 |
1 |
|
Ateshgah |
11,16 |
4,8 |
10,97 |
5,24 |
2 |
7 |
|
PASHA Life |
8,01 |
4,4 |
7,87 |
4,8 |
3 |
8 |
|
Silk Way Insurance |
7,50 |
7,4 |
7,37 |
8,1 |
4 |
3 |
|
Ateshgah Life |
7,4 |
12,85 |
7,27 |
14,1 |
5 |
2 |
|
State insurance commercial company AzerInsurance |
6,77 |
6,4 |
6,65 |
6,99 |
6 |
4 |
|
AzInsurance |
5,29 |
5,3 |
5,2 |
5,79 |
7 |
6 |
|
Mega Insurance |
4,4 |
1,97 |
4,33 |
2,15 |
8 |
13 |
|
Qala Life |
4,16 |
5,49 |
4,1 |
5,99 |
9 |
5 |
|
International Insurance Company |
3,8 |
2,22 |
3,74 |
2,42 |
10 |
10 |
|
TOTAL |
84,59 |
75,91 |
83,15 |
82,98 |
- |
- |
The official exchange rate for Mar.19 is 1.0486 AZN/USD.
Pasha Insurance company held the leading place in the ranking in terms of insurance premiums on the results of January-February 2015, which accounted for 25.65 percent of a total volume of fees collected by all companies during the reporting period.
Ateshgah (10.97 percent of all fees of the market) and PASHA Life (7.87 percent of all fees of the market) ranked second and third.
On the results of February 2015, Ateshgah has risen from third to second place (compared to January 2015), leaving Silk Way Insurance behind, which has fallen from second to fourth place and PASHA Life - from the fourth to the third position.
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.
State insurance commercial company AzerInsurance and International Insurance Company, which were not included in the ranking in January, in February took the sixth and tenth places, respectively. AzInsurance rose from eighth to seventh place, Mega Insurance dropped from sixth to eighth place.
Ateshgah Life and Qala Life retained its positions as compared to January 2015.
In January-February 2015, the total amount of fees of insurance companies operating in the country amounted to 101.74 million manats or by 11.1 percent (10.14 million manats) more compared to the same period of 2014. The volume of payments of insurance companies for January-February 2015 amounted to 24.02 million manats or by 26.29 percent (5 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 in Azerbaijan.
Follow the author on Twitter: @AzadHasanli