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Top 10 Azerbaijan’s insurance companies in terms of payments

Finance Materials 27 November 2019 19:43
Top 10 Azerbaijan’s insurance companies in terms of payments

BAKU, Azerbaijan, Nov. 27

By Eldar Janashvili – Trend:

From January through October 2019, the payments of top ten Azerbaijan’s insurance companies amounted to over 202 million manat ($119 million, or 89.75 percent of the total insurance payments), Trend reports referring to Azerbaijan’s Financial Market Supervisory Authority (FIMSA).

The ranking is headed by Pasha Life. Some 33 percent of the reimbursements paid by all companies during the reporting period accounted to this company. From January through October 2019, this company made payments worth 74.4 million manat ($43.8 million).

Pasha Insurance with total payments of 43.6 million manat ($25.7 million, or 19.4 percent of all payments) ranked second, while Ateshgah with total payments amounting to 14.7 million manat ($8.7 million, or 7.2 percent of all payments) ranked third.

From January through October 2019, insurance companies operating in Azerbaijan collected premiums worth 570.5 million manat ($336.2 million), a decline of 7.6 percent for the year; payments for the same period amounted to 225.5 million manat ($132.9 million), an increase of 9.6 percent for the year.

The results of the activity of insurance companies from January through October 2019 have been announced by the FIMSA.

Insurance companies

Payments in the period from January through October 2019, million manat

Payments in the period from January through October 2018, million manat

Share of payments in the market in the period from January through October 2019, %

Share of payments in the market in the period from January through October 2018, %

Ranking in the period from January through October 2019

Ranking in the period from January through October 2018

PASHA Life

74.4 ($43.8)

64.5 ($38)

33

36.9

1

1

PASHA Insurance

43.6 ($25.7)

41.5 ($24.4)

19.4

23.2

2

2

Ateshgah

16.4 ($9.7)

16.8 ($9.9)

7.2

7.9

3

3

AzerInsurance

13.1 ($7.7)

12.4 ($7.3)

5.8

7

4

5

Xalg Sigorta

12.6 ($7.4)

2.8 ($1.6)

5.6

1.3

5

12

AtaInsurance

12.5 ($7.4)

8.1 ($4.8)

5.5

4

6

7

Ateshgah Life

10.8 ($6.4)

12.9 ($7.6)

4.8

7.9

7

3

A-Group

6.7 ($3.9)

6.4 ($3.8)

3

3.6

8

10

Qala Life

6.1 ($3.6)

11.7 ($6.9)

2.7

5.7

9

16

Ipek Yolu

5.9 ($3.5)

97,000 ($57,174)

2.6

0.4

10

17

Total

225.5 ($132.9)

178.2 ($105)

89.6

86.4

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Follow the author on Twitter: @eldarjanashvili

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