Baku, Azerbaijan, April 16
By Emin Aliyev - Trend:
The chart below shows the ranking of 28 Azerbaijani insurance companies in terms of insurance premiums collected in the first quarter of 2014.
|
No. |
Insurance company |
Insurance premiums in January-March, 2014 (figures shown in Azerbaijani manat) |
|
1 |
Pasha Sıgorta |
27,422,010.79 |
|
2 |
Ateshgah Heyat |
15,050,314.59 |
|
3 |
Pasha Heyat Sıgorta |
9,091,802.43 |
|
4 |
AzSıgorta |
8,746,924.75 |
|
5 |
Azerbaijan State Insurance Commercial Company Azersigorta |
8,037,075.00 |
|
6 |
Ipek Yolu Sigorta |
7,522,408.24 |
|
7 |
Ateshgah |
7,325,472.77 |
|
8 |
Qala Heyat |
6,534,811.50 |
|
9 |
AXA MBASK |
4,135,630.92 |
|
10 |
Standard Insurance |
3,312,835.69 |
|
11 |
Beynelxalq Sıgorta Shirketi |
2,849,082.76 |
|
12 |
Xalq Sıgorta |
2,670,874.79 |
|
13 |
Mega Sıgorta |
2,550,452.21 |
|
14 |
Azerbaycan Senaye Sigorta |
2,364,237.14 |
|
15 |
AtaSıgorta |
2,098,830.79 |
|
16 |
A-Group Sıgorta Shirketi |
1,621,088.42 |
|
17 |
Qarant Sıgorta |
1,195,928.06 |
|
18 |
Alfa Sıgorta |
1,195,144.16 |
|
19 |
Buta Sıgorta |
1,159,894.03 |
|
20 |
Bashak Inam Sıgorta Shirketi |
933,664.09 |
|
21 |
Revan Sıgorta |
669,589.94 |
|
22 |
Baki Sıgorta |
560,104.46 |
|
23 |
Azerqarant Sıgorta |
304,417.16 |
|
24 |
Era Trans Sıgorta |
238,593.22 |
|
25 |
Emrah Sıgorta |
211,762.97 |
|
26 |
Gunay Sıgorta |
97,081.29 |
|
27 |
Charti Azerbaycan |
40,395.21 |
|
28 |
Royal Sıgorta |
2,254.8 |
|
TOTAL |
117,942,682.18 |
Pasha Sigorta leads the ranking in terms of insurance premiums collected in January-March 2014, according to Azerbaijani State Insurance Supervision Service's report published on its website.
Over 23.2 percent of total premiums collected during this period accounted for this company.
Ateshgah Heyat (12.76 percent of all insurance premiums in the market) and Pasha Heyat Sıgorta (9.09 percent) ranked second and third in the ranking respectively.
The following chart shows the ranking of 28 insurance companies in terms of compensations paid in the first quarter of 2014.
|
No. |
Insurance company |
Compensation payments in January-March, 2014 (figures shown in Azerbaijani manat) |
|
1 |
Pasha Sıgorta |
6,387,872.39 |
|
2 |
Ateshgah |
2,970,437.00 |
|
3 |
Azerbaijan State Insurance Commercial Company Azersigorta |
2,940,365.00 |
|
4 |
AXA MBASK |
2,195,792.66 |
|
5 |
AzSıgorta |
2,073,309.58 |
|
6 |
Standard Insurance |
1,605,521.58 |
|
7 |
Beynelxalq Sıgorta Shirketi |
1,540,807.27 |
|
8 |
A-Group Sıgorta Shirketi |
1,441,656.02 |
|
9 |
Ateshgah Heyat |
1,417,569.75 |
|
10 |
AtaSıgorta |
758,649.03 |
|
11 |
Xalq Sıgorta |
668,261.72 |
|
12 |
Azerbaycan Senaye Sıgorta" |
657,319.83 |
|
13 |
Buta Sıgorta |
632,304.86 |
|
14 |
Bakı Sıgorta |
588,889.53 |
|
15 |
Qarant Sıgorta |
528,992.46 |
|
16 |
Bashak Inam Sıgorta Shirketi |
443,573.89 |
|
17 |
Alfa Sıgorta |
435,387.04 |
|
18 |
Pasha Heyat Sıgorta |
432,803.88 |
|
19 |
Mega Sıgorta |
259,735.44 |
|
20 |
Revan Sıgorta |
220,294.45 |
|
21 |
Emrah Sıgorta |
114,694.25 |
|
22 |
Era Trans Sığorta |
102,993.73 |
|
23 |
Qala Heyat |
70,229.00 |
|
24 |
Azerqarant Sıgorta |
47,418.42 |
|
25 |
Gunay Sıgorta |
16,720.42 |
|
26 |
Ipek Yolu Sigorta |
9,562.63 |
|
27 |
Royal Sıgorta |
8,313.97 |
|
28 |
Chartis Azerbaycan |
272.00 |
|
TOTAL: |
28,569,747.80 |
Pasha Sıgorta is the market leader in terms of insurance compensation payments. In January-March 2014, the company paid 6.39 million manats, or over 22 percent of all the compensations paid during the reporting period.
Pasha Sıgorta is followed by Ateshgah Sigorta with 2.97 million manats (10.4 percent of total payments) and Azersigorta with 2.94 million manats (10.29 percent).
The total amount of insurance premiums of all insurance companies in Azerbaijan stood at 117.94 million manats in January-March 2014 (an annual growth of 15.37 percent), while compensation payments hit 28.57 million manats, (a 12.49 percent growth).
The licenses of Royal Sıgorta and Gunay Sıgorta insurance companies were suspended in line with a decision, taken by Azerbaijani Finance Ministry on February 24.
Six months were allocated in accordance with the insurance legislation's requirements to address the shortcomings in these companies' activities, which caused the suspension of their licenses.
Royal Sigorta and Gunay Sigorta will be able to reinstate their licenses if they align their aggregate capital with Finance Ministry's minimum requirement.
The minimum amount of total capital of insurers, operating in the non-life insurance sector, is set at the level of five million manats.
The only reinsurance company AzRe's statistical indices are not indicated in Azerbaijani Finance Ministry's report.
The official exchange rate on April 16 is 0.7843 AZN/USD.
Translated by E.A.