TOP-10 Azerbaijani insurance companies on fees in Jan.-Aug.

Baku, Azerbaijan, Sept. 26

Trend:

The Azerbaijani Finance Ministry announced results of operations of the top ten insurance companies in January-August 2014, which accounts for about 78 percent of the total insurance fees.

In total, some 28 insurance companies and one reinsurance company were operating in Azerbaijan during the reporting period.

Name of insurance company

Premiums for January-August 2014 (million AZN)

Premiums for January-August 2013 (million AZN)

Share of fee volume on the market in January-August 2014 in %

Share of fee volume on the market in January-August 2013 in %

Ranking in January-August 2014

Ranking in January-August 2013

Pasha Sigorta

34.98

32.85

12.35

12.36

1

1

State commercial insurance company AzerSigorta

28.42

27.14

10.03

10.21

2

3

Atashgah Hayat

28.15

18.36

9.94

6.9

3

6

Pasha Hayat Sigorta

27.86

19.31

9.53

7.3

4

5

AzSigorta

24.4

28.68

8.6

10.8

5

2

Atashgah

24.23

23.05

8.22

8.7

6

4

İPEK YOLU SIGORTA

16.48

14.85

5.82

5.6

7

7

Gala Hayat Sigorta

13.77

6.92

4.86

2.6

8

15

AXA MBASK

12.76

10.17

4.5

3.8

9

9

Standard Insurance

11.52

12.27

4.07

4.62

10

8

TOTAL

222.57

193.6

77.92

72.89

-

-

"Pasha Sigorta" insurance company held the leading place in the ranking in terms of insurance premiums in January-August 2014, which accounted for 12.35 percent of a total volume of fees collected by all companies during the reporting period.

The state commercial insurance company AzerSigorta (10.03 percent of all fees of the market) and Atashgah Hayat (9.94 percent of all fees of the market) ranked second and third.

The State Insurance Company moved from the fourth place last month to the second place, thus removing "Pasha Hayat Sigorta" from the top three leading insurers of the country in terms of fees

TOP-10 in terms of insurance premiums comprises of the three companies entitled to engage in life insurance in Azerbaijan - "Atashgah Hayat", "Gala Hayat" and "Pasha Hayat".

In January-August 2014 the total amount of fees of insurance companies operating in the country amounted to 283.26 million AZN or by 6.6 percent (17.54 million AZN) more compared to the same period of last year. The volume of payments of insurance companies in the first eight months of 2014 amounted to 103.53 million AZN or by 32.9 percent (25.7 million AZN) more than in January-August 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, while Royal Sigorta's license was revoked on Sept. 8. 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 Sept. 26.

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