BAKU, Azerbaijan, Sept. 1
By Eldar Janashvili – Trend:
The fees of the five most active Azerbaijani insurance companies amounted to about 353.9 million manats ($208.2 million) from January through July 2020 or 75 percent of the total amount of insurance fees, Trend reports referring to the Central Bank of Azerbaijan.
During the reporting period, PASHA Life company was leading the rankings in terms of the number of insurance fees, which accounted for 33.7 percent of fees for the reporting period or 157.5 million manats ($92.6 million).
The company collected the funds worth 131.9 million manats or $77.6 million (31.2 percent) from January through July 2019. Thus, the company's insurance fees increased by 2.5 percent for the year.
PASHA Insurance company with a total amount of fees worth 109.9 million manats s$64.6 (23.5 percent of all fees) ranked second while the Azerbaijani State Insurance Commercial Company - with fees amounting to 41.06 million manats or $24.1 million (8.8 percent) ranked third.
Ateshgah Life company with fees worth 24.9 million manats or $14.6 million (5.3 percent) ranked fourth.
Qala Sigorta with fees worth 20.5 million manats or $12.05 million (4.4 percent) ranked fifth among the top five Azerbaijani leading insurance companies.
The fees of the insurance companies operating in Azerbaijan totaled 467.5 million manats ($275 million) from January through July 2020, which is 44.6 million manats ($26.2 million) more than in the same period of last year.
|
Insurance company |
Fees for the period from January through July 2020 |
Fees for the period from January through July 2019 |
Share by volume of fees on the market from January through July 2020, in percent |
Share by volume of fees on the market from January through July 2019, in percent |
Place in the ranking from January through July 2020 |
Place in the ranking from January through July 2019 |
|
PASHA Life |
157.5 million manat ($92.6 million) |
131.9 million manat ($77.6 million) |
33.7 |
31.2 |
1 |
1 |
|
PASHA Insurance |
109.9 million manat ($64.6 million) |
96.5 million manat ($56.8 million) |
23.5 |
22.8 |
2 |
2 |
|
Azerbaijani State Insurance Commercial Company |
41.05 million manat ($24.1 million) |
38.8 million manat ($22.8 million) |
8.8 |
9.2 |
3 |
3 |
|
Ateshgah Life |
24.9 million manat ($14.6 million) |
22.2 million manat ($13.05 million) |
5.3 |
5.2 |
4 |
5 |
|
Qala Sigorta |
20.5 million manat ($12.05 million) |
14.4 million manat ($8.5 million) |
4.4 |
3.4 |
5 |
8 |
|
Total |
353.9 million manat ($208.2 million) |
303.8 million manat ($178.7 million) |
75.7 |
71.8 |
Some 21 insurance companies and one reinsurance company are currently operating in Azerbaijan.
---
Follow the author on Twitter: @eldarjanashvili