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Azerbaijan-based 15 insurers increase premiums, 17 increase payments

14 April 2015 11:21 (UTC +04:00)

Baku. APA-Economics - Musa Ahmadov. Pasha Insurance headed the insurance market with the premiums of AZN 29.2 mln in January-March, 2015, Azerbaijan Insurers Association told APA-Economics.

PASHA Life Insurance collected AZN 14 mln, Ateshgah – AZN 13.6 mln,– AZN 3.7 mln, Ateshgah Life Insurance – AZN 12.6 mln., and Azersigorta – AZN 8.3 mln. Total premiums of these companies made 57% (AZN 77 mln) of total payments.

The insurers with the less premiums are Ravan Sigorta (AZN 507,000), Bashak Inam (AZN 411,000), Amrah Sigorta (AZN 280,000), Azergarant (AZN 100,000), and Gunay Sigorta (AZN 33,000). Total payments of these insurers amount to AZN 1.33 mln - 1% of total payments.

Generally, 4 insurance companies’ premiums make over AZN 10 mln, 5 companies – AZN 5-10 mln, 9 companies – AZN 1-5 mln, 3 companies –AZN 0.5-1 mln and 6 companies – below AZN 0.5 mln. 15 insurers increased premiums, 12 decreased.

Regarding payments, Pasha Insurance headed the insurance market paying AZN 6.64 mln in January-March, 2015. Ateshgah Life Insurance paid AZN 3.74 mln, Ateshgah Insurance – AZN 3.68 mln, AXA MBASK – AZN 2.88 mln, and Azersigorta – AZN 2.72 mln. Total payments by these companies made AZN 20 mln or 55% of total payments.

The insurers doing fewest payments are Era-Trans (AZN 59,600), Gunay Sigorta (AZN 26,100), Silk Way Insurance (AZN 10,200), Chartis Azerbaijan (AZN 10,600) and Azergarant (AZN 1,300). Total payments of these insurers amount to AZN 108,000, 0.3% of total payments.

Generally, 12 insurance companies’ payments make over AZN 1 mln, 4 companies – AZN 0.5 -1 mln, 6 companies – AZN 0.1-0.5 mln, 5 companies – below AZN 0.1 mln. 17 insurers increased payments, 10 decreased.