Concentration in insurance market of Azerbaijan is getting stronger - REVIEW

The market share of the top 5 companies is growing

Baku. 12 August. REPORT.AZ/ Market share of the top five companies in terms of the amount of premiums collected is growing. Report informs they are " PASHA Insurance " JSC, " PASHA Life Insurance " JSC, " Ateshgah Insurance " JSC, " Ateshgah Life Insurance " JSC and " Azerinsurance "

According to the Financial Markets Supervision Chamber, these insurers, collected premiums in the amount of 183,6 mln AZN in the first half of this year. This is 64.3%.(285,4 mln. AZN) of country's total receipts.

At the end of the first half of 2015, share of the these companies was 57,6%. Thus, companies collected premiums in the amount of 139.7 mln AZN. Total revenues amounted to about 2424 mln AZN.

At the end of last year, "PASHA Insurance", " PASHA Life Insurance", "Ateshgah Insurance", "Ateshgah Life Insurance" and "Azersıgorta" collected 243.4 mln AZN collected. It means that only 5 companies control 54,9% of the market.

Notably, in 2015, insurance premiums amounted to 442.9 mln AZN. As can be seen the share of 5 companies slightly decreased at the end of last year. However, from the beginning of 2016 increased again.

No Insurance company Market share
January-June, 2015 January-December, 2015 January-June, 2016
1 PASHA Insurance 16,28% 14,63% 22,64%
2 PASHA Life Insurance 13,52% 12,31% 15,78%
3 Ateshgah Insurance 10,85% 9,83% 7,47%
4 Ateshgah Life Insurance 8,94% 8,83% 6,99%
5 Azerinsurance 8,04% 9,34% 11,46%
Total 57,63% 54,94% 64,34%
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