Payment changes in top-10 Azerbaijani insurance companies in Jan.-Nov.

Baku, Azerbaijan, Dec.18

By Azad Hasanli - Trend:

The Azerbaijani Finance Ministry announced results of operations of the top ten insurance companies in January-November 2014, which accounts for 82 percent of the total insurance payments.

Name of insurance company

Payments for January-November 2014 (million AZN)

Payments for January-November 2013 (million AZN)

Share of payment volume on the market in January-November 2014 in %

Share of payment volume on the market in January-November 2013 in %

Ranking in January-November 2014

Ranking in January-November 2013

Pasha Sigorta







Atashgah Hayat







Atashgah Sigorta







Azersigorta State Commercial Insurance Company





















Azerbaycan Sanaye Sigorta







Standard Insurance







A-Qroup Sigorta Sirketi







Beynalxalq Sigorta Sirketi














The official exchange rate for December 18 is 0, 7844 AZN / USD.

Pasha Sigorta insurance company held the leading place in the ranking in terms of insurance premiums in January-November again, which accounted for 17.57 percent of compensation paid by all companies during the reporting period. The company has made payments worth 25.21 million AZN for 11 months of this year.

The ranking is followed by Atashgah Hayat with total payments of 22.73 million AZN (15.84 percent of all payments) and Atashgah Sigorta with payments of 13.44 million AZN (9.37 percent).

In January-November 2014 the total amount of fees of insurance companies operating in the country amounted to 382.81 million AZN or by 3.78 percent (13.93 million AZN) more compared to the same period of last year. The volume of payments of insurance companies in the first 11 months of 2014 amounted to 143.51 million AZN or by 29.89 percent (33.03 million AZN) more than in January-November 2013.

The license of Royal Sigorta has been temporarily suspended by the decision of the Ministry of Finance dated February 24, 2014, and it has been revoked since September 8, 2014. 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.


Follow the author on Twitter: @AzadHasanli

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