Local Insurance Market Broke Records for Annual Premiums

Information about the awards and payments in the local market in January-July has been published.

Azerbaijani insurance market for the period collected 201 million 509.39 thousand manats, which is 13 thousand manats more than in the previous year. On all claims they paid 49.47 million manat.

As expected, the insurance company Pasha Sigorta for seven months did not miss the leadership of the local insurance companies, collecting AZN 28 million 096.29 thsd or 13.94% of all insurance premiums for the period. Of these, 23 million were produced in January.

On the second place in the first six months, and familiar to observers stood firm AzSigorta with premiums of 22 million 476.06 thousand manat, which is three times more than its output last year.

The experts at the beginning of the financial year predicted Ateshgah, as always, in the third place, and it justified this view with the result of 20 million 484.58 thousand manat.

State Insurance Company Azersigorta this year will not be the winner of the race, although the stock is specific arsenal of compulsory insurance. During the reported period, the company entered into an agreement by which premiums were involved in the amount of AZN 17 million 039.52 thsd, or 2.3 million more than the "champion" in the previous year.

In the fifth place there is Standard Insurance (12 million 878.31 million), which once was one of the most renowned teams. According to experts, this result does not apply to the unexpected, due to temporary setbacks and grinding adjustment of the team to the new realities.

In the transitional sixth place in the ranking was the best company of life insurance in the last years. Ateshgah Hayat scored mostly on corporate contracts of AZN 12 million 165.35 thsd, which proves this company is able to surprise many market participants.

Totally unexpected seventh place for observers, but natural for those closely involved in insurance, was taken by AXA MBASK, with most of the collected 11 million 028.29 thousand AZN accounting for motor hull insurance and liability of owners of cars to passengers and pedestrians.

The established in February 15, 2010 life insurance Company Pasha Hayat Sigorta showed a good result (9 million 120.03 thsd AZN). They provided the solution of organizational issues and are among the leaders in their segment and surpassed many of the traditional favorites. The eighth place in the market is a phenomenal rate for it.

The ninth place belonged to International Insurance Company (8 million 975.29 thsd), which is a low result for this company. Among other things, on the results of last year, the company had 800 thousand manat less than the present results, but its standings were two places higher.

It is worth noting that a high level in consistently collecting premiums on several positions was shown by Xalq Sigorta that attracted 8 million 020.37 thousand manat in the first seven months of this year. It closed the top ten, but everyone waits more from it, especially because it is a member of the Mandatory Insurance Office.

* All the results are given with reference to the State Insurance Supervision Service under the Finance Ministry of Azerbaijan. - 17D-