Profitable Business of Ipek Yolu Sigorta

In January-April this year Ipek Yolu Sigorta showed incredible results in the ratio of premiums and payments. It occupied the 7^th place in terms of premiums, receiving 8 million 409.93 thousand AZN with payments of 14.15 thousand manat. The ratio of compensation upon insured events to the incredible prizes (0.017%) does not fit the average European standards and it is extremely profitable and unfair business, to which the Ministry of Finance does not respond.

The inaccessible and traditional leader is Pasha Sigorta, which by May 1 accumulated contracts for 32 million 338.49 ths. manat (about a fifth or 19.5% of total premiums collected).

The local insurance market quickly revives - in line with the new trends caused by the entry into force of new legislation in January - April 2015 for all types it received in aggregate 166,010,000 manat of premiums (increase compared to last year amounted to 23 million manat or 13.9%).

The trend of increasing the share of companies specializing in life insurance was preserved - Pasha Hayat Sigorta is located on the 2^nd position with 20.2 mln AZN, much smaller - 14,650,000 is at Ateshgah Hayat Sigorta, but it has the fourth intermediate place. Behind these two entities there are 21% of total premiums, although a couple of years ago it was less than 4%.

At its uncharacteristic fifth place is the company AzSigorta, which owned the second place for many years. In four months, it collected 11.3 million manat.

Due to the presidential decree on the development of compulsory insurance of employees of MES and State Border Service, AzerSigorta consistently collects "its" 10 million manat. Previously, this gave it a place on the "pedestal" Now this indicator gave it the sixth place. In addition, there is a regression - a couple of years ago it collected 15.21 million manat.

At this rate, with unusual "swinging" (16.83 million AZN), the ever bronze team Ateshgah nevertheless maintained its position, but is unlikely to be able to count on higher places reserved strictly by "family" structures.

The leader in payments was Pasha Sigorta. During the reporting period (January to May), it compensated insurance claims for 9,620,000 manat. Its payments accounted for 16.6% of the total index. Like the premiums its costs expanded mainly due to the voluntary medical insurance of corporate clients (mainly state-owned oil company).

In general, companies from January to the end of April paid 58.11 million manat, which is almost 10 million manat more than in January-April last year. --17D-