Ranking of Azerbaijani insurers in terms of unprofitability

Baku, Azerbaijan, Feb.1 / Trend A.Akhundov /

Figures from the State Insurance Supervision Service under the Azerbaijani Finance Ministry, show that the insurer with the largest number of payments relative to premiums is Fidan Sigorta.

The company's share of payment charges was 75.16 percent, the highest figure in the market. The reason is primarily the fact that in August its licence was suspended for half a year, meaning that at present the company has no right to sign new contracts and may only serve current customers.

However, in quantitative terms the amount of indemnity remains low at 206,400 manat, or 0.33 per cent of the whole market.

A high share of payments relative to the charges (65.87 per cent) is also observed for the A-Qroup insurance company which is one of the market leaders in terms of insurance indemnity. With payments of 5.34 million manat, the company ranked fifth among 28 Azerbaijani insurers in 2011. Over 80 per cent of A-Qroup's charges are secured through voluntary medical insurance, which is the most unprofitable type in the voluntary segment of the Azerbaijan insurance market.

The share of indemnity in charges carried out by companies of this type in 2011 is 67.83 percent. In terms of unprofitability, the voluntary medical insurance was second only to the compulsory insurance of civil servants - 79.72 per cent in 2011.

Life insurance companies Pasha Heyat (2.2 per cent), Ateshgah Heyat (1.78) and Qala Heyat (0.91) have the lowest ratio of payments to charges. Compulsory education of workers and voluntary life insurance are the lowest in terms of unprofitability in Azerbaijan - 1.54 and 4.86 per cent respectively.

"Such low level of payments relative to charges is related to the specificity of these types and to the fact that these three types are very young," Niyaz Ismayilov, Deputy Chairman of Pasha Heyat, told Trend on Tuesday.

"When the life insurance market in Azerbaijan was only emerging, a similar situation was observed in non-life insurance. Time is needed for this," Ismayilov said.

The share of payments for insurance companies in 2011 amounted to 28.9 per cent against 34.6 per cent in 2010.

The total volume of premiums for all companies amounted to 212.98 million manat in 2011 (36.89 percent growth), and payments amounted to 61.57 million manat (14.38 percent growth).

Insurance company

Volume of charges in 2011

Volume of payments in 2011

Share of payments in charges (%)

Rank in terms of payment

1

"Fidan Sıgorta"

274 651,60

206 421,77

75.15768

21

2

"A-Qroup Sıgorta Sirketi"

8 106 194,26

5 339 607,61

65.87071

5

3

"Amrah Sıgorta"

653 842,99

368 681,29

56.38682

19

4

"Era Trans Sıgorta"

1 805 916,94

914 234,74

50.62441

16

5

"Beynelxalq Sigorta Sirketi"

12 408 505,98

5 687 401,71

45.8347

4

6

"Basak İnam Sıgorta Sirkəti"

2 873 484,90

1 277 767,46

44.46752

13

7

Azerbaijani State commercial insurance company

26 144 818,00

11 078 118,00

42.37214

1

8

"İpek Yolu Sıgorta"

21 580 749,82

8 975 702,06

41.59124

2

9

"Gunay Sıgorta"

485 289,69

197 501,28

40.6976

22

10

"Revan Sıgorta"

2 065 964,79

838 969,22

40.60908

17

11

"AtaSıgorta"

5 440 914,05

2 085 610,97

38.332

10

12

"Ateshgah"

18 547 133,98

6 204 163,89

33.4508

3

13

"Xalq Sıgorta"

8 752 308,79

2 594 470,52

29.64327

8

14

"Standard Insurance"

9 723 021,06

2 787 779,83

28.67195

7

15

"Azerbaycan Senaye Sıgorta"

6 694 276,97

1 801 768,55

26.91506

12

16

"AXA MBASK"

12 724 945,30

3 243 766,37

25.4914

6

17

"Azerqarant Sıgorta"

1 282 358,46

312 702,55

24.38496

20

18

"Temz Sıgorta Qrupu"

612 495,00

140 113,94

22.87593

25

19

"Bakı Sıgorta"

4 541 659,11

1 017 617,71

22.4063

15

20

"Pasha Sıgorta"

10 507 510,13

2 191 628,10

20.85773

9

21

"Alfa Sıgorta"

3 053 665,87

537 935,24

17.61605

18

22

"Qarant Sıgorta"

8 091 881,46

1 251 180,22

15.46217

14

23

"AzSıgorta"

20 787 634,92

1 978 378,11

9.517091

11

24

"Mega Sıgorta"

1 749 769,00

126 814,99

7.247528

26

25

"Pasha Heyat Sıgorta"

8 185 106,06

180 855,42

2.209567

23

26

"Ateshgah Heyat"

9 524 119,64

169 558,05

1.780302

24

27

"Chartis Azerbaycan"

1 604 090,35

15 086,89

0.940526

28

28

"Qala Heyat"

4 759 673,39

43 274,42

0.909189

27

-

Total

212 981 982,51

61 567 110,91

42.37213661

-

The official exchange rate is 0.7863 AZN to $1 on Feb.1

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