Baku, Azerbaijan, Oct.31
By Maksim Tsurkov - Trend:
The Azerbaijani Finance Ministry announced results of operations of the top ten insurance companies in January-September 2014, which accounts for about 83.46 percent of the total insurance payments.
|
Name of insurance company |
Payments for January-September 2014 (million AZN) |
Payments for January-September 2013 (million AZN) |
Share of payment volume on the market in January-September 2014 in % |
Share of payment volume on the market in January-September 2013 in % |
Ranking in January-September 2014 |
Ranking in January-September 2013 |
|
"Atashgah Hayat" |
20,69 |
2,21 |
17,77 |
2,49 |
1 |
11 |
|
"Pasha Sigorta" |
19,94 |
19,99 |
17,13 |
22,58 |
2 |
1 |
|
"Atashgah" |
10,23 |
10,86 |
8,79 |
12,26 |
3 |
2 |
|
"Azersigorta" State Commercial Insurance Company |
9,90 |
9,57 |
8,51 |
10,81 |
4 |
3 |
|
AXA MBASK |
7,48 |
6,06 |
6,43 |
6,84 |
5 |
5 |
|
"Azerbaycan Sanaye Sigorta" |
7,44 |
1,46 |
6,39 |
1,65 |
6 |
13 |
|
"AzSigorta" |
7,25 |
6,61 |
6,23 |
7,46 |
7 |
4 |
|
"Standard Insurance" |
5,19 |
5,79 |
4,46 |
6,54 |
8 |
6 |
|
"A-Qroup Sigorta Sirketi" |
5,16 |
4,83 |
4,43 |
5,45 |
9 |
7 |
|
"Beynalxalq Sigorta Sirketi" |
3,87 |
4,53 |
3,32 |
5,12 |
10 |
8 |
|
TOTAL |
116,39 |
88,53 |
83,46 |
81,43 |
- |
- |
The official exchange rate for October 30 is 0, 7844 AZN / USD.
"Atashgah Hayat" insurance company held the leading place in the ranking in terms of insurance premiums in January-September, which accounted for 17.77 percent of compensation paid by all companies during the reporting period. The company has made payments worth 20.69 million AZN for 9 months of this year, and an integral part of which (15.41 million AZN) falls on August.
The ranking is followed by "Pasha Sigorta" with total payments of 19.94 million AZN (17.13 percent of all payments) and "Atashgah" with payments of 10.23 million AZN (8.79 percent).
In January-September 2014 the total amount of fees of insurance companies operating in the country amounted to 314.13 million AZN or by 3.4 percent (10.75 million AZN) more compared to the same period of last year. The volume of payments of insurance companies in the first 9 months of 2014 amounted to 116.39 million AZN or by 23.9 percent (27.85 million AZN) more than in January-September 2013.
The licenses of "Royal Sigorta" and "Gunay Sigorta" have been temporarily suspended by the decision of the Ministry of Finance dated February 24, 2014. The license of the latter company was restored on May 29. In accordance with the requirements of the insurance legislation, six months were granted for elimination of the shortcomings in the activity that led to the suspension of a license. The licenses of companies can be restored in case of bringing the total capital in accordance with the minimum requirements of the Ministry of Finance. The minimum amount of the total capital of insurers operating on the types of non-life insurance is determined at the level of 5 million AZN.
The report of the Azerbaijani Ministry of Finance has not included the results of the activity of "AzRE", the only reinsurance company, and the data on the "Royal Sigorta" will be considered before the end of the contractual obligations.
There are 27 insurance companies (excluding the "Royal Sigorta") in Azerbaijan.