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Market shares of top-10 Azerbaijani insurers up

Business Materials 27 February 2017 16:37 (UTC +04:00)

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.

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