AZERBAIJAN: Premiums of already 4 insurers in 2012 exceed AZN 20 million and leader insurer AZN 30 million

27 September 2012 —
Azerbaijan's insurance market is in fact formed by 10 companies: for Jan-Aug 2012 Top 10 ensured 74.8% of overall insurance premiums, including Top 5 - 50.9%. At that, Pasha Insurance keeps on its leader position forming 13.3% of the insurance market.

The State Insurance Supervision Service under the Ministry of Finance reports that by 1 September 9 insurance companies exceeded the level of AZN 10 million on premiums, 4 companies - AZN 20 million and the leader -AZN 30 million.

At that, for Jan-Aug of the year the premiums of all the 28 insurance companies in the country reached AZN 228.87 million and compensation payments AZN 58.87 million.

Over Jan-Aug 2012 the market leaders on premiums were PASHA Sigorta (AZN 30.4 million), AzSigorta (AZN 25.7 million), Atesgah Sigorta (AZN 23.8 million),  Azersigorta (AZN 21.776 million), Standard Insurance (AZN 14.6 million), Ateshgah Heyat (AZN 12.165 million), AXA MBASK (AZN 12.3 million), PASHA Heyat ( AZN 10.279 million), International Insurance Company (AZN 10.25 million),  Xalq Sigorta (AZN 8.7 million). Ipek Yolu Sigorta (AZN 7.36 million) and AtaSigorta (AZN 7.9 million) are also close to Top 10.

For last 8 months of 2012 Pasha Insurance became the leader on compensation payments - AZN 14.189 million. Then follow AzerSigorta - AZN 7.7 million , Atesgah Sigorta - AZN 5.547 million, International Insurance Company - AZN 4.46 million, AXA MBASK - AZN 3.68 million, A-Qroup - AZN 3.618 million and Standard Insurance - AZN 2.76 million.

Payments of other insurance companies did not exceed AZN 2 million.

Last year the leaders on compensation payments were Azersigorta with AZN 24.19 million premiums. Then followed Az Sigorta (AZN 15.6 million), Ateshgah (AZN 14.57 million), PASHA Sigorta (AZN 13.05 million), and Ipek Yolu Sigorta (AZN 12.1 million).

International Insurance Company held the sixth position with premiums of AZN 10.18 million. Totally 27 insurers of the country gathered AZN 155.59 million of premiums for the reported period.

As for compensations, the leaders were Azersigorta (AZN 10.71 million), Ateshgah (AZN 5.26 million), A-Qroup (AZN 5.24 million), International Insurance Company (AZN 5.14 million), Azal Sigorta (AZN 4.08 million). Overall compensation payments of 27 insurers reached AZN 53.8 million.

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AZERBAIJAN: Premiums of already 4 insurers in 2012 exceed AZN 20 million and leader insurer AZN 30 million
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