Six Leading Insurers Accounted for Almost 60% of Total Premiums

Six leading insurers focused around three quarters of the premiums on the specialized market. They are responsible for approximately 134.76 mln of total 228.97 mln manats (58.9%) collected by 28 participants.

The achievements of the leaders are as follows: Pasha Sigorta - 30.85 million, AzSigorta - 25.630 million, AzerSigorta - 23.79 mln, Ateshgah - 20.34 mln, Pasha Hayat Sigorta - 17.99 mln, Ateshgah Hayat Sigorta - 16.26 million.

Given the average fees 8.18 million can be concluded that the first six went to considerable gap and already out of reach for the other competitors. If you look closely at the composition of the top-6, we can see what's behind them or powerful bureaucracy, clan or inter-governmental resource.

According to one analyst regulator of the local financial market, there is a tendency to reduce the "center of gravity" of the bank attachment to the involvement of senior officials and their relatives. If the concentration of Finance is polarized at the same rate, by 2017 the market will remain no more than 15 participants - not without reason, he believes.

Today 43 banks in the market, but only a part of their approval for the establishment of insurance agencies and the entry into the niche of compulsory (of 12 companies) Insurance, where low volume of payments and other financial costs. Life insurance market in the local environment is not well developed. This segment - the least expensive business because there is access to all three companies. In the State Insurance Supervision Service filed five applications from strong players with a solid cap, but the paper with the package of proposals are on the back burner fifth year with no prospect of consideration.

In confirmation of what has been said look at the amount of payments. The leaders in this index are Pasha Sigorta - 15.52 million, Ateshgah - 8.17 mln, AzerSigorta - 7.44 million and AzSigorta - 5 million. As you can see, the two companies for life insurance in the top six on incomes (Pasha Hayat Sigorta and Ateshgah Hayat Sigorta) are not distinguished on payouts. On account of the leader Ateshgah Hayat Sigorta there is 1,784,890 manats of compensation that is at least three times more than at its direct competitors, but much less than that of the leaders in payments. - 17D-