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Azerbaijan’s PASHA Insurance again leader for collections

Business Materials 31 October 2016 20:10 (UTC +04:00)

Baku, Azerbaijan, Oct. 31

By Anvar Mammadov – Trend:

Azerbaijan’s 10 major insurance companies made insurance payments totalling 335.75 million Azerbaijani manats (1.6381 AZN/USD on Oct. 31) in January-September 2016, said the country’s Financial Markets Supervision Chamber.

The figure accounts for 86 percent of the payments made by all the insurance companies in the mentioned period.

There are a total of 25 insurance companies in Azerbaijan.

Insurance company

Premiums in January-September 2016, in million manats

Premiums in January-September 2015, in million manats

Share of collections in January-September 2016, percent

Share of collections in January-September 2015, percent

Ranking in January-September 2016

Ranking in January-September 2015

PASHA Insurance

81.22

48.25

20.8

14.2

1

1

PASHA Life

61.8

42.55

15.8

12.5

2

2

AzerInsurance

36.61

29.27

9.4

8.6

3

5

Ateshgah Insurance

30.25

35.28

7.7

10.4

4

3

Ateshgah Life

27.9

30.24

7.1

8.9

5

4

Qala Life

26.37

16.32

6.8

4.8

6

9

Mega Insurance

18.63

15.34

4.8

4.5

7

10

SilkWay Insurance

18.27

16.33

4.7

4.8

8

8

Standard Insurance

17.42

16.8

4.5

4.95

9

7

AXA MBASK

17.28

13.61

4.4

4

10

11

Total

335.75

275.16

86

80.95

-

-

Pasha Insurance OJSC leads the ranking in terms of its insurance collections in January-September 2016. The company accounted for 20.8 percent of the total amount during the reporting period.

PASHA Life insurance company ranked second in the same list with 15.8 percent, being followed by AzerInsurance (9.4 percent).

In January-September 2016, insurance companies in Azerbaijan collected 390 million manats in insurance premiums, which is by 13.9 percent) more than the same period of 2015.

During the period, the companies’ insurance payments amounted to 167 million mantas, which increased by 31 percent in the period from September 2015 to September 2016.

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