Insurance Market Increasingly Centralized

The five leading insurers at the end of last year collected about half of all collected premiums in the local market.

According to the report of Azerbaijan Insurers Association (AIA), the aggregate premiums made 429.2 million manat with a specific weight of the said five in 48.6% or 208.8 million manat.

As expected, the leadership belonged to the insurance company Pasha Sigorta (50.7 million AZN or 11.8% among the 28 active members of the community). The following places belonged to her sister Pasha Hayat Sigorta (41.9 million AZN), Azersigorta (41.6 million AZN), Ateshgah Hayat Sigorta (37.9 million AZN) and AzSigorta (36.7 million AZN).

Last year, 11 of the 28 insurance companies increased their premiums last year against 2013, while 17 insurers reduced their indexes.

According to AIA, the leader in terms of payments made in 2014 was also Pasha Sigorta, whose compensation amounted to 27 million manat. It was followed by Ateshgah Hayat Sigorta(24.1 million AZN), Ateshgah (14.9 million AZN), Azersigorta (13.3 million AZN) and AXA-MBASK (10.7 million AZN).

Overall, the share of these 5 insurance companies in the reporting year was 57.3% of all payments by insurers for 2014. In 2014, 18 insurers increased their payments and 10 others reduced them. --17D-