Baku, Azerbaijan, Jan. 23
By Azad Hasanli - Trend:
The Azerbaijani Finance Ministry announced results of operations of the top ten insurance companies in 2014, which accounts for over 71.46 percent of the total insurance fees.
|
Name of insurance company |
Premiums for 2014 (million AZN) |
Premiums for 2013 (million AZN) |
Share of fee volume on the market in 2014 in % |
Share of fee volume on the market in 2013 in % |
Ranking in 2014 |
Ranking in 2013 |
|
Pasha Sigorta |
50,7 |
53,7 |
11,65 |
13,23 |
1 |
1 |
|
Pasha Hayat |
41,9 |
34,97 |
9,76 |
8,6 |
2 |
5 |
|
State commercial insurance company AzerSigorta |
41,6 |
40,95 |
9,69 |
10,09 |
3 |
3 |
|
Atashgah Hayat |
37,9 |
23,7 |
8,8 |
5,8 |
4 |
6 |
|
AzSigorta |
36,8 |
42,1 |
8,57 |
10,4 |
5 |
2 |
|
Atashgah |
35,3 |
37,5 |
8,2 |
9,2 |
6 |
4 |
|
Gala Hayat Sigorta |
25,2 |
10,1 |
5,87 |
2,5 |
7 |
16 |
|
AXA MBASK |
19,2 |
17,3 |
4,47 |
4,3 |
8 |
8 |
|
İPEK YOLU SIGORTA |
19,1 |
17,1 |
4,45 |
4,2 |
9 |
9 |
|
Standard Insurance |
17,5 |
18,2 |
4,01 |
4,5 |
10 |
7 |
|
TOTAL |
325,2 |
295,62 |
71,46 |
72,82 |
- |
- |
The official exchange rate for January 23 is 0, 7844 AZN / USD.
Pasha Sigorta insurance company held the leading place in the ranking in terms of insurance premiums on the results of 2014, which accounted for 11.65 percent of a total volume of fees collected by all companies during the reporting period.
The State commercial insurance company Pasha Hayat Sigorta (9.76 percent of all fees of the market) and state commercial insurance company AzerSigorta (9.69 percent of all fees of the market) ranked second and third. On the results of December 2014, Pasda Hayat Sigorta left behind AzerSigorta, which took the second place in the ranking in November 2014.
TOP-10 in terms of insurance premiums comprises of the three companies entitled to engage in life insurance in Azerbaijan - Atashgah Hayat, Gala Hayat and Pasha Hayat.
Qala Hayat and AXA MBASK, which took eighth and ninth places in November 2014, rose by one step in December 2014, leaving behind İpek Yolu Sigorta, which fell from seventh to ninth place in the reporting period.
In January-December 2014 the total amount of fees of insurance companies operating in the country amounted to 429.2 million AZN or by 5.8 percent (23.53 million AZN) more compared to the same period of 2013. The volume of payments of insurance companies for 2014 amounted to 157.1 million AZN or by 27.9 percent (34.3 million AZN) more than in 2013.
The license of Royal Sigorta has been temporarily suspended by the decision of the Ministry of Finance dated February 24, 2014, and it has been revoked since Sept. 8, 2014. In accordance with the requirements of the insurance legislation, six months were granted for elimination of the shortcomings in the activity that led to the suspension of a license. The licenses of companies can be restored in case of bringing the total capital in accordance with the minimum requirements of the Ministry of Finance. The minimum amount of the total capital of insurers operating on the types of non-life insurance is determined at the level of 5 million AZN.
The report of the Azerbaijani Ministry of Finance has not included the results of the activity of AzRE, the only reinsurance company, and the data on the Royal Sigorta will be considered before the end of the contractual obligations.
There are 27 insurance companies (excluding the Royal Sigorta) in Azerbaijan
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Follow the author on Twitter: @AzadHasanli
