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TOP-10 Azerbaijani insurance companies on fees in Jan.-Mar. 2015

Business Materials 15 April 2015 11:40 (UTC +04:00)

Baku, Azerbaijan, Apr. 15

By Anvar Mammadov - Trend:

The State Service for Insurance Supervision of Azerbaijan announced results of operations of the top 10 insurance companies in the first quarter of 2015, which accounts for nearly 82 percent of the total insurance fees.

Name of insurance company

Premiums for Jan.-Mar. 2015 (million manats)

Premiums for Jan.-Mar. 2014 (million manats)

Share of fee volume on the market in Jan.-Mar. 2015 in %

Share of fee volume on the market in Jan.-Mar. 2014 in %

Ranking in Jan.-Mar. 2015

Ranking in Jan.-Mar. 2014

PASHA Insurance

29,2

27,4

21,66

23,25

1

1

PASHA Life

14,03

9,1

10,41

7,71

2

3

Ateshgah

13,6

7,3

10,08

6,21

3

7

Ateshgah Life

12,6

15,1

9,37

12,76

4

2

State Commercial Insurance Company AzerSigorta

8,3

8,03

6,15

6,81

5

5

AzInsurance

8,1

8,7

6,01

7,42

6

4

Silk Way Insurance

7,7

7,5

5,73

6,38

7

6

Mega Insurance

6,3

2,6

4,67

2,16

8

13

Qala Life

5,6

6,5

4,15

5,54

9

8

International Insurance Company

4,9

2,8

3,66

2,42

10

11

TOTAL

110,4

95,03

81,9

80,6

-

-

Pasha Insurance company held the leading place in the ranking in terms of insurance premiums on the results of January-March 2015, which accounted for 21.66 percent of a total volume of fees collected by all companies during the reporting period.

PASHA Life (10.41 percent of all fees of the market) and Ateshgah (10.08 percent of all fees of the market) ranked second and third.

On the results of March 2015, PASHA Life has risen from third to second place (compared to Feb.2015), leaving Ateshgah behind, which fell to the third place.

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 has risen to fourth place from fifth place compared to Feb.2015, and Qala Life has retained its positions.

In January-March 2015 the total amount of fees of insurance companies operating in the country amounted to 134.8 million manats or by 14.3 percent (16.9 million manats) more compared to the same period of 2014. The volume of payments of insurance companies for January-March 2015 amounted to 24.02 million manats or by 24.8 percent (7.1 million manats) more than in January-March 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

Follow the author on Twitter: @Anvar_Mammadov

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