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Ranking of Azerbaijani insurance companies changes

Business Materials 26 September 2011 17:35

Azerbaijan , Baku, Sept. 26 / Trend , A.Akhundov /

The Azerbaijani Finance Ministry announced the results of the top ten insurance companies' operations for January-August. They occupy 69.6 percent of the total insurance charges.

Azerbaijan currently has one reinsurance and 28 insurance companies. Fidan Sıgorta Company's license was temporarily suspended.

Company name

Premiums for January- August 2011 in million manat

Premiums for January- August 2010 in million manat

Share of fees in the market in January-August 2011 in%

Share of fees in the market in January-August 2011 in%

Place in the ranking in January-August 2011

Place in the ranking in January-July 2011

Place in the ranking in January-August 2010

Azerbaycan Respublikası Dovlet Sıgorta Kommersiya Sirketi

17.54

17

13.05

16.5

1

1

1

"AzSı gorta"

13.87

9.49

10.32

9.21

2

3

3

Ateshgah Sıgorta

11.92

8.42

8.87

8.17

3

2

4

"AXA MBASK"

8.76

5.2

6.52

5.05

4

4

8

Beynelxalq Sıgorta Sirketi

8.31

7.08

6.18

6.87

5

5

5

Pasha Heyat Sigorta

6.84

-

5.09

-

6

6

-

Ipek Yolu Sigorta

6.75

10.87

5.02

10.55

7

7

2

"Standard Insurance"

6.68

5.37

4.97

5.21

8

9

7

"Xalq Sı gorta"

6.61

5.02

4.92

4.87

9

8

10

"At eshgah H eyat"

6.28

0.68

4.67

0.66

10

11

20

Total

93.56

69.13

69.61

67.09

-

-

-

Only state insurance company in the country AzerSigorta led ranking of Azerbaijani insurance companies. The increase hit 3.87 percent , or 0.65 million manat compared to early 2011.

"Ateshgah Heyat", which has the right to engage in life insurance in Azerbaijan, entered the ranking in August. Earlier, Pasha Heyat Sigorta joined the ranking.

Only three life insurance companies operate in Azerbaijan - Ateshgah Heyat, Qala Heyat and Pasha Heyat.

The total amount of premiums of the all insurance companies hits 134.437 million manat (29.73 -percent increase) and payments hit 36.318 million manat (17.46 -percent increase)

Statistical indicators of the only reinsurance company AzRe Tekrarsigorta did not point in the summary.

The official exchange rate is 0. 7869 manat to $1 on Sept. 26 .

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