Reduced Difference Between Insurance Leader and Challenger

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

During the first 8 month of the year, the Azerbaijani insurance market collected 228 million 872.6 thousand manat in premiums, which is almost 16 million manat more than in the past year. Payments issued under all claims were AZN 58 million 873.05 thousand, which is 38.4% more than as of September 1, and is comparable with the outcomes of the previous year (- 2.7 million).

As anticipated, insurance company Pasha Sigorta led the local insurance market, collecting 30 million 440.95 thousand manat or 13.3% of all the insurance premiums for the 8 month period. 23 million was collected in January due to a one-time contract with the State Oil Company regarding voluntary health insurance services. In comparison, by September 1 2011, it received only 5.25 million AZN and was in the 12th place, behind even the eponymous "child" structure, specializing in life insurance.

In second place for January-August was AzSigorta with premiums of 25 million 744.9 thousand manat, which is almost double last year's interim result. By way of comparison, in January the difference between the leader and the challenger was AZN 19 million; it is 4.7 million now. Experts predicted at the beginning of the financial year that Ateshgah would appear in third place, and it met expectations with the result of 23 million 840.26 thousand manat. Together, this trio collected more than a third (35%) of the premiums.

State Insurance Company Azersigorta gained momentum and achieved a cruising speed, trying to catch up with the trio. During the reported period, it entered into contracts on which it received premiums f $ 21 million 776.84 thousand manat, which is 4 million more than the "champion" figure of the eight months of the previous year. In fifth place was Standard Insurance (14 million 631.14 million), which once was among the most renowned teams.

In sixth place was Ateshgah Hayat - the oldest life insurance company in Azerbaijan. Ateshgah Hayat scored mostly on corporate contracts 13 million 086.14 thousand manat. The seventh place belonged to AXA MBASK, with most of the premiums worth AZN 12 million 344.25 thousand accounted for by Auto Casco insurance and liability of car owners to passengers and pedestrians.

In the eighth place was Pasha Hayat Sigorta created on February 15, 2010 with 10 million 279.25 thousand AZN. International Insurance Company (AZN 10 million 250.42 thousand) dropped to ninth place. The results of this company in January-August last year were more than 2 million manat lower than the present results, but the standings were two places higher. Xalg Sigorta attracted AZN 8 million 732.489 thousand in the first eight months and closed in the T10 for the second time in the last five years.

The undisputed leader in outgoing payments was Azersigorta with the result of 7 million 704.43 thousand, followed by Ateshgah (5 million 547.1 thousand AZN), International Insurance Company (4 million 462.34 thousand AZN), AXA Mbask (3 million 684.57 thousand AZN), A-Group (3 million 618.81 thousand AZN), Standard Insurance (2 million 764.32 thousand AZN), AzSigorta (1 million 825.23 thousand AZN) and Ipek Yolu Sigorta (1 million 762.3 thousand AZN)

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


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