Top-10 of Azerbaijani insurance companies on payments volume changes

Top-10 of Azerbaijani insurance companies on payments volume changes

Azerbaijan, Baku, Aug. 23 /trend A.Akhundov/

The Azerbaijani Finance Ministry announced results of operations of the top ten insurance companies for January-July, 2012. Some 82 percent of the total insurance payments accounted for them.

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

Insurance company

Payments for January- July, 2012 in million manats

Payments for January- July, 2011 in million manats

Share of payments in market in January-July 2012 in percent

Share of payments in market in January-July 2011 in percent

Ranking in January- July 2012

Ranking in January- June 2012

Ranking in January- July 2011

"Paşa Sığorta"

11,996

1,46

24,25

4,48

1

1

7

Azerbaijan Republic State Insurance Commerce Company

6,5

6,32

13,17

19,38

2

2

1

"Atəşgah"

4,57

3,44

9,24

10,55

3

3

3

"Beynəlxalq Sığorta Şirkəti"

3,84

3,55

7,77

10,89

4

4

2

"AXA MBASK"

3,26

1,73

6,59

5,31

5

5

6

"A-Qroup"

3,18

3,01

6,42

9,23

6

6

4

"Standard Insurance"

2,26

1,28

4,57

3,93

7

7

9

"İPƏK YOLU SIĞORTA"

1,76

2,86

3,56

8,77

8

8

5

"Atəşgah Həyat"

1,72

0,11

3,47

0,34

9

17

21

"AzSığorta"

1,58

1,11

3,2

3,4

10

10

10

ВСЕГО

40,67

24,87

82,24

76,28

-

-

-

SK Pasa Sıgorta led the ranking on insurance payments as in the previous month, which accounted for almost quarter of premiums collected by all companies in January-July. During the reporting period, the company paid 11.996 million manat.

It is due to selection of Pasa Sıgorta as an insurer of State Oil Company of Azerbaijan (SOCAR) for voluntary health insurance.

Azerbaijan Republic State Insurance Commerce Company Azərsığorta with payments amounted to 6.516 million manat (13.17 percent of all collections of the market) and Atəşgah Sığorta - 4.571 million manat (9.24 percent) ranked the second and third respectively.

Insurance Company Ata Sığorta fell from the list of companies with the highest volume of payments in July, and was replaced by Atəşgah Həyat. The payments of Atəşgah Həyat(the only life insurance company, ranked in the TOP-10) increased by 3.89 times last month, or by 1.28 million manat. Thus, the company has risen from 17th position to 9th.

Except this there were no changes in the TOP-10 companies on payment volume.

The total premiums amounted to 201.509 million manat in the first 7 months (73.01 percent-increase per year) and claims in this period hit 49.469 million manat (51.7 -percent increase).

The Azerbaijani Finance Ministry's report for January to August did not include the figures of the only reinsurance company Az RE.

Official exchange rate on Aug 23 is 0.7854 AZN/USD

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