Baku, Azerbaijan, Jan.23
By Azad Hasanli - Trend:
The Azerbaijani Finance Ministry announced results of operations of the top ten insurance companies in January-December 2014, which accounts for 81.6 percent of the total insurance payments.
|
Name of insurance company |
Payments for 2014 (million AZN) |
Payments for 2013 (million AZN) |
Share of payment volume on the market in 2014 in % |
Share of payment volume on the market in 2013 in % |
Ranking in 2014 |
Ranking in 2013 |
|
Pasha Sigorta |
27 |
27,4 |
17,2 |
22,3 |
1 |
1 |
|
Atashgah Hayat |
24,1 |
2,5 |
15,3 |
2 |
2 |
12 |
|
Atashgah Sigorta |
14,9 |
15,2 |
9,5 |
12,4 |
3 |
2 |
|
Azersigorta State Commercial Insurance Company |
13,3 |
13,3 |
8,5 |
10,8 |
4 |
3 |
|
AXA MBASK |
10,7 |
8,2 |
6,8 |
6,7 |
5 |
5 |
|
AzSigorta |
9,8 |
9,4 |
6,2 |
7,7 |
6 |
4 |
|
Azerbaycan Sanaye Sigorta |
8,5 |
2,4 |
5,4 |
1,95 |
7 |
13 |
|
Standard Insurance |
7,6 |
8,2 |
4,8 |
6,7 |
8 |
6 |
|
A-Qroup Sigorta Sirketi |
7,4 |
6,8 |
4,7 |
5,5 |
9 |
7 |
|
Beynalxalq Sigorta Sirketi |
5,1 |
5,6 |
3,2 |
4,6 |
10 |
8 |
|
TOTAL |
128,4 |
99 |
81,6 |
80,65 |
- |
- |
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 again, which accounted for 17.2 percent of compensation paid by all companies during the reporting period. The company has made payments worth 27 million AZN for 2014.
The ranking is followed by Atashgah Hayat with total payments of 24.1 million AZN (15.3 percent of all payments) and Atashgah Sigorta with payments of 14.9 million AZN (9.5 percent).
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 last year. The volume of payments of insurance companies in 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Sigorta has been temporarily suspended by the decision of the Ministry of Finance dated February 24, 2014, and it has been revoked since September 8, 2014.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
