Baku, Azerbaijan, June 18
Trend:
The Azerbaijani Finance Ministry announced the results of 10 leading insurance companies' activity for January-May, which accounted for about 82 percent of the total amount of insurance payments.
Some 28 insurance and one reinsurance companies operated in Azerbaijan during this period.
|
Name of insurance company |
Payments for January-May 2014 in mln manats |
Payments for January-May 2013 in mln manats |
Share of payment amount on the market in January-May 2014 in % |
Share of payment amount on the market in January-May 2013 in % |
Ranking position in January-May 2014 |
Ranking position in January-May 2013 |
|
Pasa Sıgorta |
11,07 |
11,01 |
20,05 |
22,52 |
1 |
1 |
|
"Azerbaycan Senaye Sıgorta" |
6,26 |
0,89 |
11,34 |
1,82 |
2 |
13 |
|
Atesgah Sıgorta |
5,57 |
6,23 |
10,09 |
12,75 |
3 |
5 |
|
Azerbaijani State Insurance Commercial Company "Azersıgorta" |
5,39 |
5,18 |
9,76 |
10,6 |
4 |
2 |
|
AzSıgorta |
3,77 |
3,27 |
6,83 |
6,69 |
5 |
3 |
|
AXA MBASK |
3,74 |
3,11 |
6,77 |
6,36 |
6 |
9 |
|
Standard Insurance |
2,7 |
3,18 |
4,89 |
6,51 |
7 |
7 |
|
A-Qroup Sıgorta Sirketi |
2,64 |
2,51 |
4,78 |
5,14 |
8 |
15 |
|
Beynelxalq Sıgorta Sirketi |
2,47 |
2,6 |
4,47 |
5,32 |
9 |
10 |
|
Atesgah Heyat |
1,9 |
1,14 |
3,44 |
2,33 |
10 |
6 |
|
total |
45,21 |
39,12 |
81,89 |
80,03 |
- |
- |
Pasa Sıgorta insurance company led the ranking in terms of insurance payments as of January-May, where some 20.05 percent of claims paid by all companies in the reporting period fall to them. The company has made payments worth 11.07 million manats for five months of this year.
This company is followed by "Azerbaycan Senaye Sıgorta" with a total amount of payments totaling 6.26 million manats (11.34 percent of all payments) and "Atesgah Sıgorta" with payments worth 5.57 million manats (10.09 percent).
The total amount of the insurance companies' fees hit 186.9 million manats in January-May this year, which is 10.8 percent (18.2 million manats) more than in the same period of last year. The amount of the insurance companies' payments for the first five months of 2014 amounted to 55.2 million manats, which is 13 percent (6.3 million manats) more than in January-May 2013.
It should be stressed that the licenses of Royal Sıgorta and Gunay Sıgorta [its license was restored on May 29] were temporarily suspended upon the finance ministry's decision as of Feb. 24. The shortages in the activity that caused the suspension of a license must be removed within six months in accordance with the requirements of the insurance legislation. The companies' licenses can be restored in case of bringing the aggregate capital in compliance with the minimum requirements of the finance ministry. A minimum amount of the aggregate capital of insurers operating in non-life, set at five million manats.
The Azerbaijani foreign ministry's report does not include the results of the only reinsurance AzRE's activity.
The official exchange rate is 0.7843 AZN/USD on June 18.
edited by CN
