Azerbaijan , Baku, Oct. 22 / Trend A.Akhundov /
The Azerbaijani Finance Ministry announced results of operations of the top ten insurance companies for January-September, 2011. Some 72 percent of the total insurance claims accounted for them.
Some 28 insurance companies and one reinsurance company operated in Azerbaijan during that period. Insurance company Fidan Sıgorta's license for insurance activity was temporarily suspended.
|
Insurance company |
Claims for January- September, 2011 in million manats |
Claims for January- September, 2010 in million manats |
Share of claims in market in January-September 2011 in percent |
Share of claims in market in January-September 2010 in percent |
Ranking in January- September 2011 |
Ranking in January- August 2011 |
Ranking in January- September 2010 |
|
İpek Yolu Sıgorta |
20.55 |
11.16 |
12.43 |
9.83 |
1 |
7 |
3 |
|
State commercial insurance company |
18.23 |
17.48 |
11.03 |
14.82 |
2 |
1 |
1 |
|
"AzSıgorta" |
15.65 |
11.65 |
9.47 |
9.88 |
3 |
2 |
2 |
|
"Atesgah" |
13.1 |
10.09 |
7.93 |
8.55 |
4 |
3 |
5 |
|
"AXA MBASK" |
9.88 |
6.12 |
5.98 |
5.19 |
5 |
4 |
8 |
|
"Beynelxalq Sıgorta Sirketi" |
9.32 |
7.89 |
5.64 |
6.69 |
6 |
5 |
6 |
|
"Pasa Sıgorta" |
9.17 |
10.81 |
5.55 |
9.16 |
7 |
12 |
4 |
|
"Standard Insurance" |
7.91 |
6.68 |
4.77 |
5.66 |
8 |
8 |
7 |
|
"Atesgah Heyat" |
7.48 |
0.75 |
4.53 |
0.64 |
9 |
10 |
20 |
|
"Pasa Heyat Sıgorta" |
7.36 |
- |
4.45 |
- |
10 |
6 |
- |
|
Total |
118.65 |
82.63 |
71.78 |
70.42 |
- |
- |
- |
The only state-owned commercial insurance company Azersıgorta was a leader in fees for several months. But İpek Yolu Sıgorta, specializing in aircraft insurance (formerly known as Azal Sıgorta) became a leader in September. As a result of activity in January-August, İpek Yolu Sıgorta ranked seventh in fees in the insurance company ranking. The company demonstrated the increase in insurance premiums more than three times per month.
Two companies having the right to engage in life insurance in Azerbaijan - "Atesgah Heyat" and "Pasa Heyat" entered TOP-10 in September.
Only three life insurance companies having licenses to provide services of this kind - Atesgah Heyat, Qala Heyat and Pasa Heyat operate in Azerbaijan today.
The first ten companies collected more insurance premiums (118.65 million manat) in January-September than the Azerbaijani entire insurance market for the same period of last year (117.96 million manat).
The total premiums amounted to 165.27 million manat in the first nine months (40.1 percent-increase per year) and claims in this period hit 41.9 million manat (17.07 -percent increase).
The Azerbaijani Finance Ministry's report for January-September did not include the figures of the only reinsurance company Az RE.
The official exchange rate is 0.7869 manat to $1.