Baku, Azerbaijan, Aug.23
By Zulfiyya Gurbanova - Trend:
The Azerbaijani Finance Ministry announced results of operations of the top ten insurance companies in January-July 2014, which accounts for about 81 percent of the total insurance payments.
In total, some 28 insurance companies and one reinsurance company were operating in Azerbaijan during the reporting period.
|
Name of insurance company |
Payments for January-July 2014 (million AZN) |
Payments for January-July 2013 (million AZN) |
Share of payment volume on the market in January-July 2014 in % |
Share of payment volume on the market in January-July 2013 in % |
Ranking in January-July 2014 |
Ranking in January-July 2013 |
|
"Pasha Sigorta" |
15,39 |
15,52 |
19,7 |
22,5 |
1 |
1 |
|
"Atashgah" |
8,16 |
8,17 |
10,5 |
11,86 |
2 |
2 |
|
"Azersigorta" State Commercial Insurance Company |
7,69 |
7,44 |
9,86 |
10,8 |
3 |
3 |
|
"Azerbaijan Sanaye Sigorta" |
7,27 |
1,09 |
9,33 |
1,6 |
4 |
14 |
|
"AzSigorta" |
5,62 |
5,01 |
7,21 |
7,27 |
5 |
4 |
|
"AXA MBASK" |
5,51 |
4,95 |
7,07 |
7,19 |
6 |
5 |
|
"A-Group Sigorta Sirketi" |
3,93 |
3,72 |
5,04 |
5,4 |
7 |
7 |
|
"Standard Insurance" |
3,71 |
4,43 |
4,76 |
6,43 |
8 |
6 |
|
"Beynalxalq Sigorta Sirketi" |
3,26 |
3,69 |
4,18 |
5,36 |
9 |
8 |
|
"Atashgah Hayat" |
2,46 |
1,78 |
2,46 |
2,58 |
10 |
10 |
|
TOTAL |
77,96 |
55,8 |
80,81 |
81,01 |
- |
- |
"Pasha Sigorta" insurance company held the leading place in the ranking in terms of insurance premiums in January-July, as before, which accounted for 19.7 percent of compensation paid by all companies during the reporting period. The company has made payments worth 15.39 million AZN for six months of this year.
The ranking is followed by "Atashgah" with total payments of 8.16 million AZN (10.5 percent of all payments) and "Azersigorta" State Insurance Commercial Company with payments of 7.69 million AZN (9.86 percent).
In January-July 2014 the total amount of fees of insurance companies operating in the country amounted to 251.71 million AZN or by 9.9 percent (22.74 million AZN) more compared to the same period of last year. The volume of payments of insurance companies in the first seven months of 2014 amounted to 77.76 million AZN or by 13.2 percent (9.08 million AZN) more than in January-July 2013.
The licenses of "Royal Sigorta" and "Gunay Sigorta" have been temporarily suspended by the decision of the Ministry of Finance dated February 24, 2014. The license of the latter company was restored on May 29. In accordance with the requirements of the insurance legislation, six months were granted for elimination of the shortcomings in the activity that led to the suspension of a license. The licenses of companies can be restored in case of bringing the total capital in accordance with the minimum requirements of the Ministry of Finance. The minimum amount of the total capital of insurers operating on the types of non-life insurance is determined at the level of 5 million AZN.
The report of the Azerbaijani Ministry of Finance has not included the results of the activity of "AzRE", the only reinsurance company.
The official exchange rate is 0,7844 AZN / USD as of August 23.