Azerbaijan's insurance market grows

By Azernews

By Sara Israfilbayova

Insurance companies operating in Azerbaijan collected premiums worth 459.85 million manats ($270.5 million) in January-July 2018, which is 42.4 percent more than the same period last year.

Financial Market Supervisory Authority (FIMSA) reported that payments of the insurance companies for the same period amounted to 145.9 million manats ($85.82 million), which is 1.3 percent more than the indicator of January-July 2017.

The report says that 72.7 percent (334.48 million manats-$196.75 million) of all fees in the market account for voluntary insurance, 27.3 percent (125.37 million manats-$73.45 million) - for compulsory insurance.

The share of voluntary insurance payments amounted to 73.7 percent (107.51 million manats-$63.24 million), while compulsory insurance accounted for 26.3 percent (about 38.4 million manats-$22.59 million) of payments.

Currently, 21 insurance companies are implementing their activities in Azerbaijan.

First top 5 of general insurance companies in January-June 2018 is as follows: AzerInsurance (34.91 million manats-$ million), Ateshgah (19.69 million manats-$ million), Mega Insurance (15.23 million manats-$ million), AtaInsurance (10.35 million manats-$ million)

In general, these eight companies had 343.58 million manats ($202.1 million) or 86.7 percent of all premiums of insurers for the reporting period.

Among the insurance companies in the first half of 2018, PASHA Life Insurance also made the largest payments, reimbursements of which amounted to 31.65 million manats ($18.61 million) or 26.5 percent of all payments of insurers.

PASHA Insurance became the leader in terms of payments in other types of insurance (25.46 million manats-$15 million). Among the five leading insurance companies in terms of the volume of refunds made in this segment, following the results of the reporting period also included: Ateshgah (9.66 million manats-$5.68 million), AzerInsurance (7.85 million manats-$4.62 million), AXA-Mbask (4.69 million manats-$2.76 million) and AzInsurance (4.17 million manats-$2.45 million).

In general, these 8 companies paid 102.68 million manats ($60.4 million) or 86.1 percent of all payments of insurers for the reporting period.