Portfolio diversification observed in Azerbaijan's insurance market

Baku, Azerbaijan, Aug.18

By - Trend:

In January-July 2014 some 11 of 28 insurance companies operating in Azerbaijan saw an increase in insurance premiums, and 17 saw a decline, says the report of Azerbaijan Insurers Association (ASA).

The market leader in terms of fees in January-July was "Pasha Sigorta" company with 33.2 million AZN followed by "Atashgah Hayat" with insurance fees of 25.5 million AZN and "Pasha Hayat" with the amount of fees of 25.1 million AZN.

"AzerSigorta" state insurance commercial company (24 million AZN) and "AzSigorta" (21,2 million AZN) wrap up the top five companies in terms of insurance fees volumes in the first seven months of this year," according to the report.

Overall, 51 percent of the total fees accounts for the companies included in the top five. In the previous month their share was 53 percent.

Companies with the least amount of fees during the reporting period were "Amrah Sigorta" (489,000 AZN), "Era-Trans" (347,000 AZN), "Azargarant" (323,000 AZN), "Gunay Sigorta" (131,000 AZN), "Chartis Azerbaijan "(39,000 AZN) and "Royal Sigorta"(2255 AZN). Their total fees approximately amounted to 1.33 million (about 0.5 percent of total fees).

Overall, 9 of the 28 insurance companies exceeded 10 million AZN in the amount of fees. The level of fees in six companies was in the range of 5-10 million AZN, seven more companies were within 1-5 million AZN and the other six - less than 0.5 million AZN.

Charges of seven companies exceeded 10 million AZN last month, while the group with a total volume of insurance fees of 1 to 5 million AZN included nine companies.

"Pasha Sigorta" also leads by the volume of payments - 15,4 million AZN, followed by "Atashgah Sigorta" (8,2 million AZN), "AzarSigorta" (7,7 million AZN), "Azerbaijan Sanaye Sigorta" (7,3 million AZN), "AzSigorta" (5,6 million AZN ) and "AXA MBASK" (5,5 million AZN). Their total amount of payments in January-July amounted to about 50 million AZN (about 64 percent of total payments).

Companies with the least amount of payments were "Era Trans" (213,5 000 AZN), "Gunay Sigorta" (54,2 000 AZN), "Azargarant" (47,4 000 AZN), "Royal Sigorta" (8,3 000 AZN) and "Chartis Azerbaijan" (272 AZN).

The overall rate of payments of these companies approximately amounted to 324,000 AZN (0.4 percent of total payments).

Azerbaijan has 28 insurance and one reinsurance companies.

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