Azerbaijan, Baku, Nov.21 / Trend A.Akhundov /
The Azerbaijani Finance Ministry announced the results of a compilation of the top 10 insurance companies for January-October, 2011. More than 80 per cent of the total insurance claims were accounted by them.
Of note is the fact that 28 insurance companies and one reinsurance company operated in Azerbaijan during that period. Insurance company Fidan Sıgorta's operating licence was temporarily suspended.
Insurance company |
Premiums for January-October 2011, in million manat |
Premiums for January-October 2010, in million manat |
Share of claims in market in January-October 2011, in per cent |
Share of claims in market in January-October 2010, in per cent |
Ranking in January-October 2011 |
Ranking in January-September 2011 |
Ranking in January-October 2010 |
State commercial insurance company |
9.01 |
8.79 |
18.57 |
21.3 |
1 |
1 |
1 |
Ipek Yolu Sıgorta |
6.13 |
0.51 |
12.63 |
1.24 |
2 |
5 |
16 |
Atesgah |
4.95 |
4.31 |
102 |
10.44 |
3 |
3 |
4 |
Beynelxalq Sigorta Sirketi |
4.87 |
4.38 |
10.04 |
10.61 |
4 |
2 |
3 |
A-Qroup Sigorta Sirketi |
4.15 |
4.47 |
8.55 |
10.83 |
5 |
4 |
2 |
AXA MBASK |
2.75 |
3 |
5.67 |
7.27 |
6 |
6 |
5 |
Xalq Sigorta |
2.1 |
1.46 |
4.33 |
3.54 |
7 |
8 |
9 |
Standard Insurance |
2.07 |
1.68 |
4.27 |
4.07 |
8 |
7 |
8 |
Paşa Sigorta |
1.9 |
1.93 |
3.92 |
4.68 |
9 |
9 |
7 |
Azerbaycan Senaye Sigorta |
1.67 |
1.25 |
3.44 |
3.03 |
10 |
10 |
11 |
TOTAL |
39.6 |
31.78 |
81.62 |
77.01 |
- |
- |
- |
The only state-owned commercial insurance company Azersıgorta gained its leadership in terms of claims in October. Insurance company İpək Yolu Sığorta, previously called Azal Sığorta, rose from fifth position to second during the month. Listing of the 10 leading insurance companies did not undergo essential changes in terms of the 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, whilst in September the 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 licence to provide life insurance services, namely Atesgah Heyat, Qala Heyat and Pasa Heyat.
The total premiums amounted to 179.097 million manat in the first 10 months (37.45 per cent increase per year) and claims in this period hit 48.53 million manat (17.59 per cent increase).
The Azerbaijani Finance Ministry's report for January-September did not include the figures of the only reinsurance company AzRE.
The official exchange rate is 0.7865 manat/$1 on Nov.21.