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Top-10 Azerbaijani insurance companies on payment volume changes

Business Materials 17 February 2014 14:08
The Azerbaijani Finance Ministry has announced the operating results of the top 10 insurance companies for January, 2014. Over 80 percent of the total insurance payments accounted for them.

Baku, Azerbaijan, Feb.17

By - Trend: Abbas Akhundov

The Azerbaijani Finance Ministry has announced the operating results of the top 10 insurance companies for January, 2014. Over 80 percent of the total insurance payments accounted for them.

Some 28 insurance companies and one reinsurance company operated in Azerbaijan during that period.

Insurance company

Payments for January, 2014 in million manat

Payments for January, 2013 in million manat

Share of payments in market in January, 2014 in percent

Share of payments in market in January, 2013 in percent

Ranking in January 2014

Ranking in January 2013

Pasa Sıgorta

1,37

1,14

17

16.33

1

1

Atesgah

0,96

0,85

11.9

12.19

2

3

'Atəşgah Həyat'

0,78

0,08

9.67

1.14

3

14

AXA MBASK

0,68

0,62

8.4

8.92

4

4

Azerbaijan Republic State Insurance Commerce Company

Azersıgorta

0,62

1,02

7,64

14.58

5

2

Standard Insurance

0,57

0,6

7.06

8.5

6

5

AzSıgorta

0,54

0,55

6.66

7.9

7

7

'A-Qroup Sığorta Şirkəti'

0,46

0,33

5.67

4.7

8

8

'Alfa Sığorta'

0,29

0,25

3.63

3.56

9

9

'AtaSığorta'

0,22

0,05

2.71

0.74

10

17

Total

6,49

5,5

80.37

78.58

-

-

Pasa Sıgorta led the ranking on insurance payments as in the previous month which accounted for nearly 17 percent of premiums paid by all companies in January. During the reporting period, the company paid 1.37 million manat.

The next in the ranking is Atəşgah Sığorta with payments totalling 0.96 million (11.9 percent of all payments) and Atəşgah Həyat life insurance company with payments of 0.78 million (9.67 percent).

Total premiums amounted to 61.131 million manat in January, 2014,a 13.38 percent increase in a year and payments in this period reached 8.076 million manat, a 15.37 percent increase.

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

The official exchange rate on Feb.17 is 0.7844 AZN/USD.

Translated by S.I.

Edited by S.M.

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