Baku, Azerbaijan, Feb. 27
By Azad Hasanli – Trend:
Premiums collected by Azerbaijan’s 10 major insurance companies totalled 413.2 million Azerbaijani manats (1.7475 AZN/USD on Feb. 27) in 2016, said the Financial Market Supervisory Authority (FIMSA).
The figure accounts for 85 percent of all the insurance premiums collected in 2016.
Insurance company |
Premiums in 2016, million manats |
Premiums in 2015, million manats |
Market share of premiums in 2016, % |
Market share of premiums in 2015, % |
Ranking in 2016 |
Ranking in 2015 |
PASHA Insurance |
100.01 |
64.78 |
20.6 |
14.63 |
1 |
1 |
PASHA Life |
77.7 |
54.53 |
15.98 |
12.31 |
2 |
2 |
AzerInsurance |
41.2 |
41.38 |
8.48 |
9.34 |
3 |
4 |
Ateshgah Insurance |
39.8 |
43.54 |
8.19 |
9.83 |
4 |
3 |
Ateshgah Life |
37.4 |
39.12 |
7.7 |
8.83 |
5 |
5 |
Qala Life |
31.7 |
22.83 |
6.53 |
5.15 |
6 |
7 |
AzInsurance |
22.7 |
32.76 |
4.67 |
7.4 |
7 |
6 |
AXA MBASK |
21.97 |
17.6 |
4.5 |
3.97 |
8 |
- |
Standard Insurance |
20.3 |
19.73 |
4.18 |
4.45 |
9 |
8 |
Mega Insurance |
20.27 |
17.62 |
4.17 |
3.98 |
10 |
10 |
Total |
413.2 |
354.62 |
85 |
80 |
- |
- |
Pasha Insurance continues to lead the ranking in terms of collected premiums. The company’s share of the total collected premiums was 20.6 percent.
Pasha Life ranked the second in the list with 15.98 percent, being followed by AzerInsurance, the share of which was 8.48 percent.
All three companies (Ateshgah Life, Qala Life and PASHA Life), which have licenses for rendering services on life insurance in Azerbaijan, are among the top 10 for the volume of premiums.
In 2016, all insurance companies operating in Azerbaijan collected 486.07 million manats in premiums, which is by 9.68 percent more than in 2015.
Payments of claims by the Azerbaijani insurance companies reached 237.25 million manats during the period, which is by 31.63 percent more than in 2015.