Ranking of Leading Insurers Headed by "Family" Company

According to the Azerbaijan Insurers Association (AIA), the leader in the collected premiums last year was the company Pasha Sigorta with 50 million 702.41 thousand manat (11.81% of total premiums in the local market).

The leader was followed by Pasha Hayat Sigorta (41 million 902.87 thousand manat), state-run Azersigorta (41 million 611.1 thousand manat), Ateshgah Hayat (37 million 928.85 thousand manat), AzSigorta (36 million 748.35 thousand manat), Ateshgah (35 million 295.78 thousand manat), Qala Hayat (25 million 161.09 thousand manat), AXA Mbask (19 million 145.08 thousand manat), Ipek Yolu Sigorta (19 million 45.84 thousand manat), and Standard Insurance (17 million 524.55 thousand manat).

The largest volume of payments was made by Pasha Sigorta - 27 million 44.53 thousand manat (17.21% of all payments). Ateshgah Hayat paid 24 million 138.55 thousand manat, Ateshgah - 14 million 901.41 thousand manat, Azersigorta - 13 million 325.41 thousand manat, AXA Mbask - 10 million 726 97 thousand manat, and so on.

The position of "payment" most vividly reflects the sources of financing of insurers - in the first place there is a company owned by relatives of the President's wife, which has a corporate contract with the state oil company and other monopolies under VHI. In second place is a company tied to SOCAR, which has corporate contracts for life insurance. In the fourth place is the state commercial company, whose payments are not at market schemes in the framework of compulsory insurance (by the state budget line).

Last year, total premiums of insurers amounted to 429 million 181.2 thousand manat with payments of 157 million 129.29 thousand manat. --17D-