14 insurance companies expanded their business in Azerbaijan

14 insurance companies expanded their business in Azerbaijan In January, revenues of 12 insurance companies declined
February 25, 2015 16:14
14 insurance companies expanded their business in Azerbaijan

Baku. 25 February. REPORT.AZ/ In January of this year in total premiums largest share fell to Pasha Sigorta

Report informs referring to the Azerbaijan Insurers Association (ASA), the company in January attracted 24.4 million manats insurance premiums.

Insurance premium collections of Silk Way Insurance amounted to 7.4 mln manats, Ateshgah Insurance - 5,8 mln manats, PASHA Life Insurance - 3,7 mln manats, Ateshgah Life Insurance - 2,8 mln manats.Overall, 70% or 44.1 million manats insurance market accounted for five companies.

The smallest amount of premiums collected by Rəvan Sıgorta (226,2 thous. Manat), Basak-Inam (202,3 thousand manats), Əmrah Sıgorta (106,7 thousand manats), Qarant Insurance (72,5 thousand manats) and Gunay Sigorta (18,9 thousand manats).The total market share of these companies amounted to 1% (627 thousand manats).

Insurance Company Era-Trans and Chartis Azərbaycan, licenses of which were suspended in November last year were unable to raise premiums.

Overall, from the 27 companies 3 companies raised more than 5 mln manats, 9 companies - less than 1-5 mln manats, 5 companies - 0.5-1 mln manats, 10 companies - 0.5 mln manats insurance premiums.In 14 companies observed an increase in the volume of premiums, in 12 companies - their reduction (dynamics of Chartis Azərbaycan is not taken into account due to the lack of insurance premiums).

Pasha Sigorta (2,34 mln manats) is also leading in terms of insurance payments.The following places are occupied by Ateshgah Insurance (1,14 mln manats), AXA-Mbask (1,05 mln manats), Azsığorta (684 thousand manats) and Standard Insurance (683 thousand manats).Overall, approximately 57% or 5.9 million manats insurance premiums accounted for the top five.

The smallest amount of insurance benefits accounted for Era-Trans (5,3 thousand manats), İpək Yolu Sığorta (3,9 thousand manats), Günay Sığorta (3,8 thousand manats) and Azərqarant (1 thousand manats) . The total share of these companies in the market is 0.1% (14 thousand manats).

Chartis Azərbaycan did not make payments.

Overall, 3 companies from the 27 companies have made more than 1 million manats, 6 companies - at least 0.5-1 million manats, 10 companies - 0.1-0.5 mln manats, 8 companies - 0.1 million manats insurance payments. An increase in the volume of insurance payments observed in 14 companies, in 11 companies - their reduction (dynamic of companies Qala Həyat and Chartis Azərbaycan were not taken into account, because they haven't make payments in January this year).

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