Finance

Finance

PASHA Insurance heads insurance market for premiums

26 January 2016 08:36 (UTC +04:00)

Baku. APA-Economics - Musa Ahmadov. Pasha Insurance heads the insurance market for insurance premiums collected in 2015, Azerbaijan Insurers Association told APA-Economics.

The company collected AZN 64.8 mln in 2015. The next places are held by Pasha Life Insurance (AZN 54.5 mln), Ateshgah Insurance (AZN 43.5 mln), Azersigorta (AZN 41.4 mln) and Ateshga Life Insurance (AZN 39.1 mln). Totally, 55% of market falls to share of first five companies (AZN 243 mln).

The companies with the least premiums are Bashak Inam (AZN 1 mln), Amrah Sigorta (AZN 886,000), Azergarant (AZN 300,000), Gala Insurance (AZN 80,000) and Gunay Insurance (AZN 62,000). Total premiums of these companies made AZN 2.3 mln or 0.5% of insurance premiums.

Generally, 1 insurance company’s premiums made over AZN 60 mln, 1 company’s – over AZN 50 mln, 2 companies’ – over AZN 40 mln, 2 companies’ over AZN 30 mln, 1 company’s – over AZN 20 mln, 9 companies’ - over AZN 10 mln, 6 companies’ - AZN 1-5 mln, 1 company’s below AZN 0.5-1 mln, 4 companies’ – below AZN 0.5. 8 insurers increased premiums, 19 decreased.

Regarding payment in the reporting period, the market was headed by PASHA Insurance with AZN 29.9 mln.

Ateshgah Life Insurance’s payments amounted to AZN 18.2 mln, Gala Life Insurance’s payments made AZN 17.6 mln, PASHA Life Insurance – AZN 16.3 mln and Azersigorta – AZN 13.2 mln. Total payments by these companies made AZN 98 mln or 54% of total payments.

The insurers doing fewest payments are Era-Trans (AZN 183,000), Gunay Sigorta (AZN 97,000), Gala Insurance (AZN 53,000) and Azergarant (AZN 3,000). Total payments of these insurers amount to AZN 336,000 or 0.2% of total payments.

Generally, 1 insurance company’s payments made over AZN 20 mln, 6 companies – over AZN 10 mln, 4 companies – over AZN 5 mln, 9 companies – AZN 1-5 mln, 3 companies – AZN 0.5-1 mln, 1 company – below AZN 0.1 mln-0.5mln, 3 companies – below AZN 0.1 mln. 15 insurers increased payments, 12 decreased.