AZERBAIJAN: 5 insurers account for over 77% of GWP and 88% of paid claims in January-August

28 September 2021 — Marina MAGNAVAL
In January-August 2021, total GWP of the insurance sector in Azerbaijan amounted to AZN 580.59 million (~EUR 289.37 million*), while AZN 448.67 million or 77.3% were generated by 5 insurance companies, ABC.AZ writes.

These 5 insurance companies, according to renkinq.az, include PASHA Hayat Sigorta, PASHA Sigorta, Azrsigorta, Atesgah Hayat Sigorta and Gala Sigorta.

At the same time, Meqa Hyat Sigorta, Nax?ivan Sigorta, Baki Sigorta, Xalq Hyat Sigorta and Aqrar Sigorta, which have recently appeared on the market, have collected the least GWP for 8 months of the year. They together accounted for only 2.1% of the total market portfolio. The share of the other 10 companies was 20.6%.

Out of AZN 339.86 million of paid claims in Azerbaijan for January-August, AZN 299.21 million, or 88%, also fell on 5 insurance companies. According to renkinq.az, these are: PASHA Life Insurance, PASHA Insurance, Azrsigorta, Atsgah Hyat Sigorta and Xalq Sigorta.

The smallest amount of paid claims was recorded during the period by Meqa Hyat Sigorta, Aqrar Sigorta, Xalq Hyat Sigorta, Nax?ivan Sigorta and Baki Sigorta. In total, the named companies' paid claims reached only AZN 929,000, which is 0.3% of the total market volume. Total paid claims of the remaining 10 insurance companies amounted to AZN 39.72 million (11.7%).

* at the following exchange rate:

1 EUR = 2.0064 AZN (01.09.2021)



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