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Over half of insurance fees in Azerbaijan falls on one insurance group

Business Materials 16 July 2018 12:45 (UTC +04:00)
In January-June, 2018, the collections of the top ten insurance companies amounted to 362.25 million manat (91.4 percent of total insurance fees).

Baku, Azerbaijan, July 16

By Anvar Mammadov – Trend:

In January-June, 2018, the collections of the top ten insurance companies amounted to 362.25 million manat (91.4 percent of total insurance fees).

The results of the activity of insurance companies for the 1H2018 were announced by the Chamber of Supervision over the Financial Markets of Azerbaijan.

Name of insurance company

Premiums for Jan.-June 2018, in millions of AZN

Premiums for Jan.-June 2017, in million AZN

Share in the volume of fees in market in Jan.-June 2018, in%

Share in the volume of fees in the market in Jan.-June 2017, in%

Place in ranking in Jan.-June 2018

Place in ranking in Jan.-June 2017

PASHA Life

144.61

79.62

36.48

28.83

1

1

PASHA Insurance

83.36

66.66

21.03

24.14

2

2

AzerInsurance

34.91

13.23

8.81

4.79

3

5

Ateshgah Life

28.17

15.89

7.11

5.76

4

4

Ateshgah Insurance

19.7

16.65

4.97

6.03

5

3

Mega Insurance

15.02

10.31

3.79

3.73

6

8

AtaInsurance

10.36

5.26

2.61

1.9

7

12

AXA MBASK

9.65

11.57

2.44

4.19

8

7

AzInsurance

8.74

12.38

2.21

4.48

9

6

SilkWay Insurance

7.72

8.75

1.95

3.17

10

10

TOTAL

365.25

240.31

91.39

87.02

-

-

Ranking by the volume of insurance fees for the 1H2018 is headed by PASHA Life Insurance Company, which accounts for 36.48 percent of the total premiums.

The second and third places in the ranking were PASHA Insurance (21.03 percent) and AzerInsurance (8.81 percent), respectively.

The TOP 10 insurance premiums include two of the three companies that have the right to engage in life insurance in Azerbaijan - Ateshgah Life and PASHA Life.

In January-June of 2018, the insurance companies operating in Azerbaijan collected premiums of 396.37 million manat, which is 43.5 percent more than in the same period last year.

Overall insurance payments for the same period amounted to 119.3 million manat, which is 4.1 percent less than the 1H2017.

The report does not take into account the results of the activities of the only reinsurance company AzRe.

In Azerbaijan there are 21 insurance companies.

The official rate for July 16 is 1.7 AZN / USD.

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