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Insurer Top 5 forms 56% of premiums in Azerbaijan
22 november 2015 / www.abc.az

Baku, Fineko/abc.az. Top 5 of the Azerbaijani insurance market has formed 56% of all premiums.

The Azerbaijan Insurers Association (ASA) reports that for Jan-Oct as well as in the previous months and even years, PASHA Sigorta has remained the leader of the domestic insurance market.

“PASHA Sigorta gathered premiums for AZN 57.5 million for Jan-Oct of 2015. It is followed by PASHA Heyat Sigorta with premiums for AZN 48 million, Ateshgah Sigorta AZN 37.6 million, Azersigorta AZN 36.5 million, and Ateshgah Heyat Sigorta AZN 32.7 million. The five leaders formed 56% (about AZN 212.3 million) of the insurance market over Jan-Oct,” ASA informed.

Less of all premiums were collected for the past 10 months by Bashak Inam (AZN 914,000), Аmrah Sigorta (AZN 740,000), Azerqarant (AZN 212,000), Chartis Azerbaijan (AZN 62,000) and Gunay Sigorta (AZN 60,000). The five companies gathered the premiums for AZN 2 million or 0.5% of all premiums.

In general, for Jan-Oct 2015 the premiums of one out of the country’s 27 insurance companies exceeded AZN 50 million, three companies AZN 30 million, one company AZN 20 million. Five more companies collected premiums for more than AZN 10 million and four other ones within AZN 5-10 million, six companies AZN 1-5 million, two companies from AZN 500,000 up to AZN 1 million, four companies up to AZN 500,000.

Premiums of 9 companies grew and premiums of 18 companies reduced over the reporting period.

The compensation leaders are as follows: PASHA Sigorta (AZN 24.6 million), Qala Heyat Sigorta (AZN 16.4 million), Ateshgah Sigorta (AZN 13.1 million), Ateshgah Heyat Sigorta (AZN 11 million) and Azersigorta (AZN 10.5 million). Total amount of compensations paid by those companies made up AZN 54% of all compensations (about AZN 75.6 million).

The least payments were carried out by Era-Trans – AZN 179,000, Günay Sığorta AZN 82,000, Çartis Azərbaycan AZN 53,000 and Azərqarant AZN 2,000. Their total payments amounted to AZN 356,000 or 0.2% of all payments.

As a whole, over Jan-Oct compensations paid by one company exceeded AZN 20 million, 4 companies over AZN 10 million, 5 companies AZN 1-5 million, 3 companies from AZN 500,000 - 1 million, 2 companies AZN 100,000-500,000, 3 companies up to AZN 100,000. 16 insurance companies had their paid compensations increased and 11 companies – reduced.