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Top-10 Azerbaijani insurance companies fees change in January-May

Business Materials 18 June 2014 16:35 (UTC +04:00)
The Azerbaijani Finance Ministry has announced the outcome of 10 leading insurance companies' activity for January- May, 2014. They account for more than 83 percent of the total volume of insurance fees.

Baku, Azerbaijan, June 18
By Emin Aliyev - Trend:

The Azerbaijani Finance Ministry has announced the outcome of 10 leading insurance companies' activity for January- May, 2014. They account for more than 83 percent of the total volume of insurance fees.

Some 28 insurance companies and one reinsurance company operated in Azerbaijan during the reported period.

Insurance company

Premiums for January- May, 2014 in mln, AZN

Premiums for January- May 2013 in mln, AZN

Share of fees in market in January- May 2014, in per cent

Share of fees in market in January- May 2013, in per cent

Ranking in January- May 2014

Ranking in January- May 2013

Pasha Sigorta

31,03

27,8

16,6

16,48

1

1

Ateshgah Hayat

20,24

12,77

10,83

7,57

2

6

Pasha Hayat Sigorta

19,49

14,86

10,43

8,81

3

4

Azerbaijan Republic State Insurance Commerce Company "Azersigorta"

17,41

17,25

9,31

10,23

4

2

AzSigorta

15,11

15,21

8,08

9,02

5

3

Ateshgah Sigorta

12,44

13,14

6,66

7,79

6

5

Qala Hayat Sigorta

10,21

5,24

5,46

3,11

7

11

IPEK YOLU SIGORTA

8,69

7,39

4,65

4,38

8

8

AXA MBASK

7,9

6,36

4,23

3,77

9

9

Standard Insurance

7,6

7,62

4,07

4,52

10

7

Total

150,12

127,64

80,32

75,67

-

-

Pasha Sigorta led the ranking in terms of insurance premiums which accounted for more than 16.6 percent in January- May, 2014.

The second and third places in the ranking are taken by Ateshgah Hayat with 10.83 percent of all market fees and Pasha Heyat Sigorta with 10.43 percent.

The TOP- 10 in terms of insurance premiums included all three companies that have a right to deal with life insurance in Azerbaijan, namely Ateshgah Hayat, Qala Hayat and Pasha Hayat.

The total volume of premiums amounted to 186.9 millionAZN in January- May, 2014, which is 10.8 percent (18.2 million AZN) more than the similar period last year.The amount of payments during the reported period made up 55.2 million AZN which is 13 percent (6.3 million AZN) more than the same period last year.

Recall that the licenses of Royal Sigorta and Gunay Sigorta [license of which was reinstated on May 29] insurance companies were suspended in line with a decision taken by Azerbaijani Finance Ministry on February 24.

Six months were allocated in accordance with the insurance legislation's requirements to address the shortcomings in these companies' activities, which caused the suspension of their licenses.

The minimum amount of total capital of insurers, operating in the non-life insurance sector, is set at the level of 5 million AZN.

They will be able to reinstate their licenses in the case of aligning their aggregate capital with Finance Ministry's minimum requirement.

The Azerbaijani Finance Ministry's report does not include figures of the only reinsurance company AzRE.

The official exchange rate on June 17 is 0.7843 AZN / USD.

Edited by CN

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