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Top-10 Azerbaijani insurers’ payments near 208M manats

Business Materials 27 February 2017 17:40 (UTC +04:00)

Baku, Azerbaijan, Feb. 27

By Anvar Mammadov – Trend:

Payments of Azerbaijan’s 10 major insurance companies amounted to 208.36 million manats (1.7475 AZN/USD on Feb. 27) in 2016, said the country’s Financial Market Supervisory Authority (FIMSA).

The figure accounts for 87.8 percent of all the insurance payments for 2016.

Insurance company

Payments in 2016, million manats

Payments in 2015, million manats

Share for volume of payments in 2016, %

Share for volume of payments in 2015, %

Ranking in 2016

Ranking in 2015

PASHA Insurance

47.44

29.89

20

16.58

1

1

PASHA Life

45.91

16.35

19.35

9.07

2

4

Ateshgah Life

27.11

18.23

11.43

10.11

3

2

Qala Life

21.96

17.65

9.26

9.79

4

3

AzerInsurance

16.17

13.16

6.81

7.3

5

6

Ateshgah Insurance

15.73

15.92

6.63

8.83

6

5

AXA MBASK

9.79

10.69

4.13

5.93

7

7

Standard Insurance

8.61

7.83

3.63

4.34

8

9

A-Group

7.89

7.24

3.33

4.02

9

10

AzInsurance

7.75

7.92

3.27

4.39

10

8

Total

208.36

144.88

87.8

80.38

-

-

PASHA Insurance continues to lead the ranking in terms of the payments in 2016. The company’s share of the total payments was 20 percent. Payments of PASHA Insurance totalled 47.44 million manats in 2016.

PASHA Life ranked the second in the list with 45.91 million manats (19.35 percent), being followed by Atehsgah Life – 27.11 million manats (11.43 percent).

In 2016, all insurance companies operating in Azerbaijan collected 486.07 million manats in premiums, which is by 9.68 percent more than in 2015.

Payments of claims by the Azerbaijani insurance companies reached 237.25 million manats during the period, which is by 31.63 percent more than in 2015.

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