Baku, Azerbaijan, Dec.1
By Anvar Mammadov - Trend:
The State Service for Insurance Supervision of Azerbaijan announced results of operations of the top 10 insurance companies in Jan.-Oct. of 2015, which accounts for 308.03 million manats, or nearly 81.29 percent of the total insurance fees.
|
Name of insurance company |
Premiums for Jan.-Oct. 2015 (million manats) |
Premiums for Jan.-Oct. 2014 (million manats) |
Share of fee volume on the market in Jan.-Oct. 2015 in % |
Share of fee volume on the market in Jan.-Oct. 2014 in % |
Ranking in Jan.-Oct. 2015 |
Ranking in Jan.-Oct. 2014 |
|
PASHA Insurance |
57,5 |
45,61 |
18,67 |
16,79 |
1 |
1 |
|
PASHA Life |
47,99 |
35,14 |
15,58 |
12,93 |
2 |
3 |
|
Ateshgah Insurance |
37,6 |
30,08 |
12,21 |
11,07 |
3 |
6 |
|
AzerInsurance |
36,52 |
37,19 |
11,86 |
13,69 |
4 |
2 |
|
Ateshgah Life |
32,72 |
32,61 |
10,62 |
12,00 |
5 |
4 |
|
AzInsurance |
27,53 |
30,72 |
8,94 |
11,31 |
6 |
5 |
|
Qala Life |
17,82 |
17,18 |
5,79 |
6,32 |
7 |
8 |
|
Standard Insurance |
17,48 |
15,39 |
5,67 |
5,66 |
8 |
10 |
|
Silk Way Insurance |
16,71 |
18,56 |
5,42 |
6,83 |
9 |
7 |
|
Mega Insurance |
16,17 |
9,24 |
5,25 |
3,40 |
10 |
14 |
|
TOTAL |
308,03 |
271,72 |
81,29 |
76,33 |
- |
- |
Pasha Insurance company again held the leading place in the ranking in terms of insurance premiums on the results of January-October 2015, which accounted for 18.67 percent of a total volume of fees collected by all companies during the reporting period.
PASHA Life (15.58 percent of all fees of the market) and Ateshgah Insurance (12.21 percent of all fees of the market) ranked second and third. No changes were observed in the top three insurance companies compared to late September 2015.
TOP-10 in terms of insurance premiums comprises of the three companies entitled to engage in life insurance in Azerbaijan - Ateshgah Life, Qala Life and PASHA Life.
AzerInsurance state commercial insurance company has risen to fourth place from fifth place compared to Sept.2015, and Ateshgah Life has dropped to fifth place from fourth place. Silk Way Insurance and Qala Life, which held eighth and ninth places, respectively, in September, dropped and rose one position each. Standard Insurance dropped to eighth from seventh place in the reporting period.
In January-October 2015 the total amount of fees of insurance companies operating in the country amounted to 378.94 million manats or by 6.45 percent more compared to the same period of 2014. The volume of payments of insurance companies for January-October 2015 amounted to 140.02 million manats or by 6.55 percent more than in January-October 2014.
The report of the Azerbaijani Ministry of Finance has not included the results of the activity of AzRE, the only reinsurance company.
There are 27 insurance companies in Azerbaijan