Growing Share of Life Insurance

The State Insurance Supervision Service under the Ministry of Finance published a report compiled in January-May on premiums and payments on insured events. The total collection of premiums of the insurance market participants amounted to 207,630,000. There was paid 74.54 million AZN at a ratio of 35.9%. Given the fact that until 2013 the insurers paid up to 20%, this is a good result.

There is a growing burden on the three local life insurance companies, which by June 1 formed 27.61% of the total fees (57.33 million manats) with 37.74% of the total payments (25.15 million AZN). This is also a big step forward - before payment in this segment accounted for between 5% and 10%. And the reason is one - local companies want to be like Europe, where the share of life insurance is up to 60%.

According to tradition, the leader is the company Pasha Hayat Sigorta (29.45 million), followed by Ateshgah Hayat Sigorta (18.5 million) and Qala Hayat Sigorta (9.38 million AZN). In the matter of the payment on the contrary the leader is Qala Hayat Sigorta (15.32 million AZN), pursued by Ateshgah Hayat Sigorta (5.52 million) and Pasha Hayat Sigorta (4.31 million with the ratio of payments to premiums of 14.6%).

Companies of non-life insurance collected 150.3 million manats (72.39% cumulative) with payments of 49.39 million manats (62.26% of all payments). On account of the top five insurers in this segment there is 95.35 million AZN, while the next five insurers have 35.13 million manats.

The leader, again, is another structure of the family business of the President’s spouse, Pasha Sigorta (35.95 million AZN), Ateshgah (19.84 million), Azersigorta (16.23 million AZN), Azsigorta (14.18 million AZN) and Mega Sigorta (9.15 million AZN). They are all members of the Bureau of Compulsory Insurance and are tied to the business of officials-oligarchs.

Relatively speaking, the second top five included Silk Way Insurance (8.61 million AZN), Standard Insurance (8.37 million AZN), AXA MBASK (7.53 million AZN), International Insurance Company (6.27 million AZN) and Ata Insurance (4.29 million AZN). Recall the mentioned 13 insurers form a large part of the volume of the local market.

On payment the leader is Qala Hayat Sigorta (15.32 million AZN), in the second place is Pasha Sigorta (11.55 million AZN), and the third place belongs to Ateshgah (6.35 million AZN). --17D-