Azerbaijan, Baku, Nov.19 / Trend A.Akhundov /
The Azerbaijani Finance Ministry announced results of operations of the top ten insurance companies for January-October, 2011. About 72 percent of the total insurance claims accounted for them.
Some 28 insurance companies and one reinsurance company operated in Azerbaijan during that period. Insurance company Fidan Sıgorta's license for insurance activity was temporarily suspended.
|
Insurance company |
Premiums for January- October, 2011 in million manat |
Premiums for January- October, 2010 in million manats |
Share of claims in market in January-October 2011 in percent |
Share of claims in market in January-October 2010 in percent |
Ranking in January- October 2011 |
Ranking in January- September 2011 |
Ranking in January- October 2011 |
|
State commercial insurance company |
20.82 |
21.43 |
11.62 |
16.44 |
1 |
2 |
1 |
|
"İpek Yolu Sıgorta" |
20.677 |
11.27 |
11.54 |
8.65 |
2 |
1 |
4 |
|
"AzSıgorta" |
17.318 |
12.97 |
9.67 |
9.95 |
3 |
3 |
2 |
|
"Atesgah" |
14.561 |
11.9 |
8.13 |
9.13 |
4 |
4 |
3 |
|
"AXA MBASK" |
10.6 |
6.68 |
5.92 |
5.13 |
5 |
5 |
8 |
|
"Beynelxalq Sıgorta Sirketi" |
10.23 |
8.28 |
5.71 |
6.35 |
6 |
6 |
6 |
|
"Pasa Sıgorta" |
9.5 |
11.13 |
5.3 |
8.54 |
7 |
7 |
5 |
|
"Standard Insurance" |
8.44 |
7.25 |
4.71 |
5.56 |
8 |
8 |
7 |
|
"Atesgah Heyat" |
8.29 |
0.78 |
4.63 |
0.6 |
9 |
9 |
21 |
|
"Xalq Sıgorta" |
7.95 |
6.2 |
4.44 |
4.76 |
10 |
11 |
9 |
|
TOTAL |
128.39 |
97.89 |
71.67 |
75.11 |
- |
- |
- |
The only state-owned commercial insurance company Azersıgorta gained its leadership in terms of claims in October. Listing of the ten leading insurance companies did not undergo essential changes in terms of an amount of claims during the month.
In October, TOP-10 included only one company with the right to deal with life insurance in Azerbaijan - "Atesgah Heyat", while in September this list also included Pasa Heyat, which ranked 11 in terms of claims (7.5 million manat .)
There are three life insurance companies in Azerbaijan with a license to provide life insurance services - Atesgah Heyat, Qala Heyat and Pasa Heyat.
The total premiums amounted to 179.097 million manat in the first ten months (37.45 percent-increase per year) and claims in this period hit 48.53 million manat (17.59 -percent increase).
The Azerbaijani Finance Ministry's report for January-September did not include the figures of the only reinsurance company Az RE.
The official exchange rate is 0.7865 manat to $1 on Nov.19.