Top-10 of Azerbaijani insurance companies changes

Azerbaijan, Baku, Dec.26/ Trend, R.Mammadov/

The Azerbaijani Finance Ministry announced results of operations of the top ten insurance companies for January-November, 2011. Over 80 percent of the total insurance claims accounted for them.

Some 28 insurance companies and one reinsurance company operated in Azerbaijan during that period. Insurance companies Fidan Sıgorta and Gunay Sigorta's licenses for insurance activity were temporarily suspended.

Insurance company

Claims for January- November, 2011 in million manat

Claims for January- November, 2010 in million manat

Share of claims in market in January-November 2011 in percent

Share of claims in market in January-November 2010 in percent

Ranking in January- November 2011

Ranking in January- October 2011

Ranking in January- November 2010

State commercial insurance company

9.86

9.66

17.62

21.24

1

1

1

İpek Yolu Sıgorta

8.69

1.03

15.53

2.26

2

2

14

Atesgah

5.59

4.72

10.00

10.38

3

3

3

Beynəlxalq Sıgorta Sirketi

5.29

4.77

9.45

10.48

4

4

2

A-Qroup Sıgorta Sirketi

4.60

4.52

8.22

9.94

5

5

4

AXA MBASK

3.03

3.24

5.41

7.12

6

6

5

Xalq Sıgorta

2.32

1.62

4.14

3.56

8

7

9

Standard Insurance

2.34

1.96

4.18

4.31

7

8

8

Pasa Sığorta

2.04

2.11

3.65

4.64

9

9

7

Azerbaycan Senaye Sıgorta

1.92

1.43

3.43

3.14

10

10

10

TOTAL

45.68

35.05

81.64

77.07

-

-

-

The only state-owned commercial insurance company Azersıgorta gained its leadership in terms of claims in November.

Insurance Company "İpek Yolu Sıgorta" (formerly "Azal Sıgorta") specializing in aircraft insurance and their owners' liability, ranked second. During the same period of 2010 it ranked 14th. In general, listing of the ten leading insurance companies did not undergo essential changes in terms of an amount of claims.

The total premiums amounted to 193.11 million manat in eleven months (38.11 percent-increase per year) and claims during this period hit 55.95 million manat (23.02 -percent increase).

The Azerbaijani Finance Ministry's report for January-November did not include the figures of the only reinsurance company AzRE.

The official exchange rate is 0.7863 manat to $1 on Dec.26.

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